Section 15: A transfer shall not be deemed to constitute a breach of contract

(1) A transfer by or pursuant to a transfer order shall not be deemed to -
(a) constitute a breach, termination, repudiation or frustration of any contract, including a contract of employment or insurance;
(b) constitute a breach of any Act, regulation or bye-law;
(c) constitute any event of default or force majeure;
(d) give rise to a breach, termination, repudiation or frustration of any licence, permit or other right;
(e) give rise to any right to terminate or repudiate a contract, licence, permit or other right; or
(f) give rise to any estoppels.
(2) Subsection (1) of this section does not apply to such contracts as may be prescribed by the regulations.
(3) Subject to subsection (2) of this section, nothing in this Act and nothing done by or pursuant to a transfer order creates any new cause of action in favour of:
(a) a holder of a debt instrument that was issued by the initial holding company (or deemed to have been issued by it) before the date of its transfer as specified in the relevant transfer order;
(b) a party to a contract with the initial holding company or deemed to have been issued by it under section 4(5) that was entered into before the date of its transfer as specified in the relevant transfer order.