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3.—(1) On the transfer date, all the property and liabilities of the old FTs shall be transferred to the new FT.
(2) Paragraph (1) does not include any rights and liabilities under, or in connection with, a contract of employment which transferred to the new FT on the transfer date under the Transfer of Undertakings (Protection of Employment) Regulations 2006(1).
(3) In paragraph (1), subject to paragraph (2), “property and liabilities” includes, without limitation—
(a)the obligation to prepare any outstanding accounts of the old FTs and to perform all statutory duties relating to those accounts;
(b)the outstanding public dividend capital of the old FTs, any loans or grants made to them and any other payment obligation;
(c)any criminal liabilities of the old FTs(2); and
(d)all of the trust property of the old FTs.
(4) Insofar as this Order provides for the transfer—
(a)of any land held on lease from a third party, or
(b)of any other asset leased or hired from a third party or in which a third party has an interest,
the transfer is binding on the third party notwithstanding that, apart from this paragraph, it would have required the third party’s consent or concurrence.
Section 57(4) of the 2006 Act has the effect that the liabilities which may be transferred by an order made under section 57(2) includes criminal liabilities.
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