110. Powers of the Court in relation to a transfer scheme

(1) If the Court makes an order sanctioning a transfer scheme, 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 firm concerned
(b) for the continuation by (or against) the transferee of any pending legal proceedings by (or against) the firm concerned;
(c) with respect to such incidental, consequential and supplementary matters as are, in its opinion, necessary to secure that the scheme is fully and effectively carried out;
(d) for dealing with the interests of any person who, within such time and in such manner as the Court may direct, objects to the scheme;
(e) for the dissolution, without winding up, of any firm concerned; or
(f) 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 transfer scheme.
(2) An order may:
(a) transfer property or liabilities whether or not the firm concerned otherwise has the capacity to effect the transfer in question;
(b) make provision in relation to property which was held by the firm concerned as trustee; or
(c) make provision as to future or contingent rights or liabilities of the firm 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 DIFC, the order may require the firm concerned, 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 under this Article 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 Article which provides for the transfer of property is to be treated as an instrument of transfer for the purposes of any DIFC Law requiring the delivery of an instrument of transfer to register property.