Central Bank and Credit Institutions (Resolution) Act 2011


Transferor not to dispose of assets, liabilities.

27.— (1) Unless the Bank provides prior written consent, a transferor shall not dispose of any asset or liability which is to be transferred under a transfer order, except in the ordinary course of its business, during the period beginning with the delivery of the written notice under section 26(1) or the date on which the transferor otherwise becomes aware of the proposed transfer order for the purposes of consultation under section 26 (4) , whichever is the earlier, and ending on the date of effect of the transfer order under section 49 .

(2) The officers and employees of a transferor shall comply with subsection (1).

(3) If the Bank is of the opinion that a transferor is in breach of subsection (1) or has taken steps that would likely lead to such a breach, the Bank may apply ex parte to the Court for an order compelling compliance with that subsection.