7. Nothing in this Order releases, discharges or suspends any action, arbitration or other proceeding, or any cause of action, arbitration or other proceeding, pending or existing immediately before the transfer date—
(a)by or in favour of or against MSCC; or
(b)by or in favour of or against the Company as agent for MSCC,
in relation to the Undertaking, and any such action, arbitration or other proceeding or cause of action, arbitration or other proceeding may be maintained, prosecuted or continued by or in favour of or against MSCC or, in the case of sub-paragraph (b), the Company and may be amended in such manner as may be necessary for that purpose.