Finance Act 2017
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Mergers, divisions and transfers of assets | ||
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83. (1) The Principal Act is amended in Part 21— | ||
(a) before section 630 by re-titling Part 21 as: | ||
“PART 21 | ||
Provisions Relating to Mergers, Divisions and Transfers of Assets”, | ||
(b) by inserting the following after the title to Part 21 (inserted by paragraph (a)): | ||
“Chapter 1 | ||
Mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States”, | ||
(c) in sections 630, 637(1)(b) and 638(1) by substituting “this Chapter” for “this Part” in each place where it occurs, and | ||
(d) by inserting the following Chapter after Chapter 1 (inserted by paragraph (b)): | ||
“Chapter 2 | ||
Mergers and divisions pursuant to Companies Act 2014 | ||
Company mergers and divisions | ||
638A. (1) In this section— | ||
‘division’ means a division undertaken in accordance with Chapter 4 of Part 9 or, as the case may be, Chapter 17 of Part 17 of the Companies Act 2014 ; | ||
‘merger’ means a merger undertaken in accordance with Chapter 3 of Part 9 or, as the case may be, Chapter 16 of Part 17 of the Companies Act 2014 ; | ||
‘successor company’ means a company to which assets and liabilities have been transferred from a transferor company as a result of a merger or division; | ||
‘the Acts’ has the meaning assigned to it by section 1077A; | ||
‘transferor company’ means a company from which assets and liabilities have been transferred to a successor company or successor companies as a result of a merger or division. | ||
(2) All liabilities and obligations of, and requirements or things to be fulfilled or done by, a transferor company under Part 38, 41A, 42 or 47, as the case may be, shall for the purposes of the Part concerned be treated as liabilities and obligations of, and requirements or things to be fulfilled or done by, the successor company or successor companies. | ||
(3) In relation to an appeal made under any provision of the Acts by a transferor company or to be made by a successor company, as the case may be, an appeal made by a transferor company shall be treated as an appeal made by the successor company for the purposes of Part 40 or 40A, as the case may be. | ||
(4) Any right of appeal in relation to an appealable matter (as defined in section 949A) conferred on a transferor company shall be treated as conferred on the successor company.”. | ||
(2) This section is deemed to have come into operation on 1 June 2015. |