Part VII Control of Business Transfers

112AF1Rights to terminate etc.

1

Subsection (2) applies where (apart from that subsection) a person would be entitled, in consequence of anything done or likely to be done by or under this Part in connection with an insurance business transfer scheme F2, a banking business transfer scheme or a ring-fencing transfer scheme—

a

to terminate, modify, acquire or claim an interest or right; or

b

to treat an interest or right as terminated or modified.

2

The entitlement—

a

is not enforceable in relation to that interest or right until after an order has been made under section 112(1) in relation to the scheme; and

b

is then enforceable in relation to that interest or right only insofar as the order contains provision to that effect.

3

Nothing in subsection (1) or (2) is to be read as limiting the scope of section 112(1).