Harbours Act 2015
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Transfer of property, rights and liabilities of dissolved company | ||
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32. (1) With effect from a company transfer and dissolution day, there is transferred from a dissolved company to a local authority specified in an order made under section 28 , all property (real and personal) and rights held or enjoyed immediately before that day by a dissolved company and all liabilities incurred before that day by it that had not been discharged before that day and, accordingly, without any further conveyance, transfer or assignment— | ||
(a) the property so held or enjoyed, both real and personal, vests on the company transfer and dissolution day in the local authority, for all the estate, term or interest for which, immediately before that day, it was vested in the dissolved company, but subject to all trusts and equities affecting the property and capable of being performed, | ||
(b) the rights so held or enjoyed, are as on and from the company transfer and dissolution day, held and enjoyed by the local authority, and | ||
(c) the liabilities so incurred are, as on and from the transfer and dissolution day, the liabilities of the local authority. | ||
(2) All moneys, stocks, shares and securities transferred to the local authority by this section that, immediately before the company transfer and dissolution day, are in the name of the dissolved company, shall, at the request of the local authority, be transferred into that local authority’s name. | ||
(3) Every right and liability transferred to the local authority by this section may, on and after the company transfer and dissolution day, be sued on, recovered or enforced by or against the local authority in its own name and it shall not be necessary for it to give notice of the transfer to the person whose right or liability is transferred by this section. | ||
(4) Every bond, guarantee or other security of a continuing nature, and contract or agreement, made or given by or on behalf of the dissolved company to any person or given by any person to and accepted by or on behalf of the dissolved company— | ||
(a) continues in force on and after the company transfer and dissolution day, | ||
(b) shall be read and have effect as if the name of the local authority were substituted in the contract or agreement for that of the dissolved company or, as the case may be, any trustee or agent acting on their behalf, and | ||
(c) is enforceable against the local authority. | ||
(5) If, immediately before a company transfer and dissolution day, any legal proceedings to which the dissolved company is a party are pending, the local authority’s name shall be substituted in the proceedings for the name of the dissolved company, and the proceedings shall not abate because of the substitution. | ||
(6) In this section, “local authority”, in relation to a dissolved company, means the local authority specified in an order under section 28 providing for the dissolution of that company. |