(1)  When any assets, rights or liabilities are transferred, the following provisions have effect:

(a) the assets of the transferor that are the subject of the transfer order vest in the transferee by virtue of this section and without the need for any further conveyance, transfer, assignment or assurance;

(b) the rights or liabilities of the transferor that are the subject of the transfer order become by virtue of this section the rights or liabilities of the transferee;

(c) all legal or other proceedings relating to the assets, rights or liabilities that are the subject of the transfer order commenced before the transfer by or against the transferor or a predecessor of the transferor and pending immediately before the transfer are taken to be proceedings pending by or against the transferee;

(d) any legal or other proceedings relating to the assets, rights or liabilities that are the subject of the transfer order which could have been commenced immediately before the transfer by or against the transferor or a predecessor of the transferor may be commenced by or against the transferee;

(e) a judgment or order of a court or other tribunal obtained before the transfer by or against the transferor or a predecessor of the transferor relating to the assets, rights or liabilities that are the subject of the transfer order may be enforced by or against the transferee;

(f) any document relating to legal or other proceedings relating to the assets, rights or liabilities that are the subject of the transfer order that has been served on or by a transferor or a predecessor of the transferor before the transfer is taken, where appropriate, to have been served on or by the transferee;

(g) any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities that are the subject of the transfer order before the transfer by, to or in respect of the transferor or a predecessor of the transferor is (to the extent to which that act, matter or thing has any force or effect) taken to have been done or omitted by, to or in respect of the transferee;

(h) a reference in any Act, in any instrument made under any Act, in any contract, agreement, arrangement or undertaking, or in any document of any kind to –

(i) the transferor; or

(ii) any predecessor of the transferor –

to the extent to which the reference relates to the assets, rights or liabilities that are the subject of the transfer order, is taken to be, or include, a reference to the transferee.

(2)  The operation of this section is not to be regarded –

(a) as a breach of contract or confidence or otherwise as a civil wrong; or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities; or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability that is the subject of the transfer order; or

(d) as an event of default under any contract or other instrument.

(3)  No assignment to the transferee by a lessee from the transferor is required.

(4)  A transfer is subject to the terms and conditions of the transfer order by which it is effected.