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).