8. (1) Subject to subsection (2), a person in possession of goods immediately before the commencement day may, on or after that day, take action in relation to those goods under—
(a) the new scheme Act; or
(b) an old scheme Act as if the amendments effected by Part II were not in force.
(2) Where a person takes any action under the new scheme Act in relation to goods described in subsection (1), paragraph (1) (b) ceases to apply in relation to those goods.