Part 13Other special types of company etc
Chapter 6Banks etc in compulsory liquidation
637Transfer of rights to payment
1
This section applies if—
a
the company or its liquidator transfers for value to another person the right to receive a sum arising from the deposit-taking trade, and
b
the sum is one which, if received by the company or its liquidator, would be a winding up receipt.
2
If the transfer is at arm's length, this Chapter has effect as if the amount or value of the consideration for the transfer were a winding up receipt arising from the deposit-taking trade.
3
If the transfer is not at arm's length, this Chapter has effect as if the value of the right transferred as between parties at arm's length were a winding up receipt arising from the deposit-taking trade.