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Financial Services (Banking Reform) Act 2013
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Financial Services (Banking Reform) Act 2013, Paragraph 7 is up to date with all changes known to be in force on or before 23 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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7(1)In relation to each provision of an FMI transfer scheme for the transfer of property, rights or liabilities, or for the creation of interests, rights or liabilities—U.K.
(a)the property, interests, rights or liabilities become by virtue of this Schedule the property, interests, rights or liabilities of the transferee at the time appointed by the court for the purposes of paragraph 4(4), and
(b)the provisions of that scheme in relation to that property, or those interests, rights or liabilities, have effect from that time.
(2)In this paragraph “the transferee” means—
(a)in relation to property, rights or liabilities transferred by an FMI transfer scheme, the new company;
(b)in relation to interests, rights or liabilities created by such a scheme, the person in whose favour, or in relation to whom, they are created.
Commencement Information
I1Sch. 7 para. 7 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(c)
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