Article 101 - Effect of order sanctioning a Relevant Scheme
(1) If the
Tribunal makes an order under Article 100, it may by that or any subsequent order make such provision (if any) as it thinks fit:
(A) for the transfer to the transferee of the whole or any part of the undertaking concerned and of any property or liabilities of the
Authorised Firm concerned;
(B) for the allotment by the transferee of any shares, debentures, policies or other similar interests in the transferee which under the
Relevant Scheme are to be allotted to or for any other Person;
(C) for the continuation by (or against) the transferee of any pending legal proceedings by (or against) the
Authorised Firm concerned;
(D) with respect to such incidental, consequential and supplementary matters as are, in its opinion, necessary to secure that the
Relevant Scheme is fully and effectively carried out;
(E) for dealing with the interests of any
Person who, within such time and in such manner as the Tribunal may direct, objects to the Relevant Scheme;
(F) for the dissolution, without winding-up, of any firm concerned; or
(G) for the reduction, on such terms and subject to such conditions (if any) as it thinks fit, of the benefits payable under:
(i) any insurance policy, or
(ii) insurance policies generally, entered into by the firm concerned and transferred as a result of the
(2) An order to which Article 101(1) refers may-
(A) transfer property or liabilities whether or not the transferor otherwise has the capacity to effect the transfer in question;
(B) make provision in relation to property which was held by the transferor as trustee;
(C) make provision as to future or contingent rights or liabilities of the transferor, including provision as to the construction of instruments under which such rights or liabilities may arise.
(3) If an order to which Article 101(1) refers 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 country or territory outside the
QFC, the order may require the transferor, if the transferee so requires, to take all necessary steps for securing that the transfer to the transferee 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 to which Article 101(1) refers may, if the
Tribunal so directs, vest in the transferee free from any charge or security interest which is (as a result of the Relevant Scheme) to cease to have effect.