Part 5Loan Relationships
Chapter 13European cross-border transfers of business
Transparent entities
429Disapplication of Chapter where transparent entities involved
(1)
This Chapter does not apply in relation to the transfer of business if the transferor is a transparent entity.
(2)
If any transferee is a transparent entity, sections 424 and 425 (reorganisations involving loan relationships) do not apply.
(3)
In this section “transparent entity” means a company which is resident in a member State other than the United Kingdom and does not have an ordinary share capital.
(4)
For the meaning of “resident in a member State”, see section 430.