8.—(1) In relation to each provision of an energy transfer scheme for the transfer of property, rights or liabilities, or for the creation of interests, rights or liabilities—
(a)this Act shall have effect so as, without further assurance, to vest the property or interests, or those rights or liabilities, in the transferee at the time appointed by the High Court for the purposes of paragraph 3(4); and
(b)the provisions of that scheme in relation to that property or those interests, or those rights or liabilities, shall have effect from that time.
(2) In this paragraph “the transferee”—
(a)in relation to property, rights or liabilities transferred by an energy transfer scheme, means the new energy company; and
(b)in relation to interests, rights or liabilities created by such a scheme, means the person in whose favour, or in relation to whom, they are created.