Section 637 | Transfer of rights to payment

(1)This section applies if—

(a)the company or its liquidator transfers for value to another person the right to receive a sum arising from the deposit-taking trade, and

(b)the sum is one which, if received by the company or its liquidator, would be a winding up receipt.

(2)If the transfer is at arm's length, this Chapter has effect as if the amount or value of the consideration for the transfer were a winding up receipt arising from the deposit-taking trade.

(3)If the transfer is not at arm's length, this Chapter has effect as if the value of the right transferred as between parties at arm's length were a winding up receipt arising from the deposit-taking trade.