Transfer of property, rights and liabilities
2(1)All the property, rights and liabilities to which the LBRO company was entitled or subject immediately before the day on which section 2 comes into force become on that day property, rights and liabilities of LBRO.
(2)In sub-paragraph (1) the reference to rights and liabilities does not include rights and liabilities under or in connection with a contract of employment which are transferred pursuant to paragraph 1.
(3)Sub-paragraph (1) operates in relation to property, rights and liabilities—
(a)whether or not they would otherwise be capable of being transferred;
(b)without any instrument or other formality being required;
(c)despite any provision (of whatever nature) which would otherwise prevent, penalise or restrict their transfer.