8Liability of the successor company for defaulting subsidiary where cause of action arose before appointed day
(1)Subject to subsection (2) below, if any sum required by any judgment or order to be paid by a company which became a wholly owned subsidiary of the successor company on the appointed day by virtue of section 1 of this Act is not paid by the company concerned within the period of fourteen days beginning on the date on which the judgment or order becomes enforceable, the successor company shall be liable to pay that sum and that judgment or order shall be enforceable against the successor company accordingly.
(2)Subsection (1) above applies only if the cause of action arose before the appointed day.
(3)Where any such sum as is referred to in subsection (1) above is required to be paid in respect of a liability arising under a contract made by the defaulting company, the cause of action shall be regarded, for the purposes of this section, as having arisen at the time when the contract was made.