4(1)Every debt and other liability (including stock and mortgage debts and also including unliquidated liabilities arising from torts or breaches of contract) which immediately before the date of transfer was owing and unpaid or had been or was deemed to have been incurred and was undischarged by the transferor shall, on the date of transfer, become and be the debt or liability of the transferee and shall be paid or discharged by and may be recovered from or enforced against the transferee accordingly.N.I.
(2)The dissolution of the transferor shall not invalidate or affect any paying order that was issued by the transferor and had not been presented for payment before the date of transfer or any authority given by the transferor for the payment of the amount of such paying order, and the transferee shall make arrangements for the payment of the amount of every such paying order upon due presentation within a reasonable time after the date of transfer.