If any proceedings to which Horticulture Australia Limited was a party:
(a) were pending in any court or tribunal immediately before the transfer day; and
(b) related, in whole or in part, to an industry asset or liability in relation to Horticulture Australia Limited;
the next industry services body is, by force of this item, substituted for Horticulture Australia Limited, on the transfer day, as a party to the proceedings to the extent to which the proceedings relate to the industry asset or liability.