Meaning of “transfer scheme”, “transferor” and “transferee”U.K.
170.—(1) A scheme is a transfer scheme for the purposes of this Chapter if it falls within Case 1, 2 or 3.
(2) Case 1 is that the scheme results in the transfer of one or more cells from one protected cell company to another protected cell company.
(3) Case 2 is that the scheme results in the transfer of the following from a protected cell company to another person—
(a)all of the assets held by the protected cell company on behalf of a cell;
(b)all of the liabilities incurred by the protected cell company on behalf of that cell;
(c)all of the liabilities of the protected cell company which are attributable to the cell; and
(d)all of the investments issued by the protected cell company on behalf of that cell;
and the scheme is not a Case 1 transfer scheme.
(4) Case 3 is that the scheme results in the transfer of—
(a)some or all of the assets of a person to a protected cell company, to be held by the protected cell company on behalf of a cell;
(b)some or all of the liabilities of a person to the protected cell company, to be treated as liabilities incurred by the protected cell company on behalf of that cell; and
(c)some or all of the investments issued by that person to the protected cell company, to be treated as investments issued by the protected cell company on behalf of that cell,
and the scheme is not a Case 1 transfer scheme.
(5) In this Chapter—
“the transferor” is the person transferring the cell, assets, liabilities or investments (as the case may be); and
“the transferee” is the person to whom the cell, assets, liabilities or investments (as the case may be) are transferred.