2(1)The property, rights and liabilities that may be transferred by a scheme include—E+W+S
(a)property, rights and liabilities that would not otherwise be capable of being transferred or assigned by the transferor;
(b)property acquired in the period after the making of the scheme and before it comes into force and rights and liabilities arising in that period;
(c)rights and liabilities arising after the scheme comes into force in respect of matters occurring before it comes into force;
(d)rights and liabilities under an enactment, [F1EU] instrument or subordinate legislation.
(2)The transfers to which effect may be given by a scheme include transfers that are to take effect in accordance with the scheme as if there were—
(a)no such requirement to obtain a person's consent or concurrence,
(b)no such liability in respect of a contravention of any other requirement, and
(c)no such interference with any interest or right,
as there would be, in the case of a transaction apart from this Act, by reason of a provision falling within sub-paragraph (3).
(3)A provision falls within this sub-paragraph to the extent that it has effect (whether under an enactment or agreement or otherwise) in relation to the terms on which the transferor is entitled or subject to anything to which the transfer relates.
(4)Sub-paragraph (5) applies where (apart from that sub-paragraph) a person would be entitled, in consequence of anything done or likely to be done by or under this Act in connection with a scheme under section 1(2)—
(a)to terminate, modify, acquire or claim an interest or right to which the transferor is entitled or subject; or
(b)to treat such an interest or right as modified or terminated.
(5)That entitlement shall be enforceable in relation to the interest or right—
(a)in consequence of what is done or likely to be done by or under this Act, and
(b)in corresponding circumstances arising after the transfer,
to the extent only that the scheme provides for it to be so enforceable.
(6)Sub-paragraphs (2) to (5) have effect where shares in a subsidiary of the transferor are or are to be transferred—
(a)as if the reference in sub-paragraph (3) to the terms on which the transferor is entitled or subject to anything to which the transfer relates included a reference to the terms on which the subsidiary is entitled or subject to anything immediately before the transfer takes effect; and
(b)as if the reference in sub-paragraph (4) to the transferor included a reference to the subsidiary.
Textual Amendments
F1Words in Sch. 2 para. 2 substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with arts. 3(3), 4(2), 6(4)(5))
Commencement Information
I1Sch. 2 para. 2 in force at 8.6.2005 for specified purposes by S.I. 2005/1444, art. 2(1), Sch. 1
I2Sch. 2 para. 2 in force at 24.7.2005 in so far as not already in force by S.I. 2005/1909, art. 2, Sch.