Prospective
4(1)Where a transfer scheme transfers foreign property or a foreign right or liability, the transferor and the transferee must take all necessary steps to ensure that the vesting of the foreign property, right or liability in the transferee by this Schedule is effective under the applicable foreign law.U.K.
(2)Until the vesting of the foreign property, right or liability is effective under the applicable foreign law, the transferor must—
(a)hold the property or right for the benefit of the transferee, or
(b)discharge the liability on behalf of the transferee.
(3)Nothing in sub-paragraph (1) or (2) prejudices the effect under the law of a part of the United Kingdom of the vesting of any foreign property, right or liability in the transferee in accordance with a transfer scheme.
(4)Where—
(a)any foreign property, right or liability is acquired or incurred by the transferor in respect of any other property, right or liability, and
(b)by virtue of this paragraph, the transferor holds the other property or right for the benefit of another person or is required to discharge the liability on behalf of another person,
the property, right or liability acquired or incurred immediately becomes the property, right or liability of that other person.
(5)Sub-paragraphs (1) to (4) have effect in relation to foreign property, rights or liabilities transferred to a person under sub-paragraph (4) as they have effect in relation to property, rights or liabilities transferred in accordance with a transfer scheme.
(6)References in this paragraph to foreign property, or to a foreign right or liability, are references to any property, right or liability as respects which an issue arising in any proceedings would be determined (in accordance with the rules of private international law) by reference to the law of a country or territory outside the United Kingdom.
(7)Expenses incurred by a transferor under this paragraph must be met by the transferee.
(8)An obligation imposed under this paragraph in relation to property, rights or liabilities is enforceable as if contained in a contract between the transferor and the transferee.