SCHEDULES

SCHEDULE 1Transfer schemes

Disapplication of certain company law provisions etc

I118

Nothing in—

a

Part 23 of the Companies Act 2006 (distributions), or

b

any rule of law relating to distributions by companies or the maintenance of capital by companies,

applies in relation to a transfer of property, rights or liabilities, or the creation of rights or interests, by or under a transfer scheme.

I219

For the purposes of any enactment none of the following persons are to be regarded as shadow directors of a transferor or transferee in relation to anything done by or under a transfer scheme—

a

the Secretary of State or the Treasury (or a nominee of either of them), or

b

a person employed by, or acting on behalf of, anyone within paragraph (a).