88. Powers of the Court in relation to a Transfer Scheme
Past version: effective from 20/10/2015 - 19/10/2015
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(1) If the Court makes an order sanctioning a Transfer Scheme, it may, by that order or any subsequent order, provide for any of the following —
(a) the transfer of the whole or part of the undertaking concerned and of any property or liabilities of the person concerned or the Fund concerned;
(b) the transferee to continue any pending legal proceedings by or against the person concerned or the Fund concerned;
(c) incidental, consequential and supplementary matters which are necessary to ensure that the scheme is fully and effectively carried out;
(d) the interests of any person who objects to the scheme to be dealt with in such manner as the Court may direct;
(e) the dissolution (but not Winding-Up) of any person concerned or any Fund concerned; and
(f) the reduction, on such terms and conditions it thinks fit, of the benefits payable under —
(i) any insurance policy; or
(ii) insurance policies generally;
entered into by the person concerned or the Fund concerned and transferred as a result of the Transfer Scheme.
(2) An order may —
(a) transfer property or liabilities whether or not the person concerned or the Fund concerned otherwise has the capacity to effect the transfer in question;
(b) make provision in relation to property which was held by the person concerned or the Fund concerned as trustee;
(c) make provision as to future or contingent rights or liabilities of the person concerned or the Fund concerned, including provision as to the construction of instruments under which such rights or liabilities may arise.
(3) If an order makes provision for the transfer of property or liabilities —
(a) the property is transferred to and vests in; and
(b) the liabilities are transferred to and become liabilities of;
the transferee as a result of the order.
(4) If any property or liability included in the order is governed by the law of any jurisdiction other than the Abu Dhabi Global Market, the Court may order the person concerned or the Fund concerned, if the transferee so requires, to take all necessary steps to secure that the transfer of the property or liability is fully effective under the law of that country or territory.
(5) Property transferred as the result of an order under this section may, if the Court so directs, vest in the transferee free from any Charge which is (as a result of the scheme) to cease to have effect.
(6) An order under this section which provides for the transfer of property is to be treated as an instrument of transfer for the purposes of any enactment requiring the delivery of an instrument of transfer to register property.