11B.— (1) Where a transfer agreement provides for the transfer of proceedings to the Agency or a subsidiary of the Agency, as the case may be, then, subject to subsection (2), on and from the transfer date—

(a) the Agency or the subsidiary of the Agency, as the case may be, shall be substituted as a party in those proceedings for IBRC, any subsidiary of IBRC or the special liquidator, as the case may be, and

(b) the proceedings shall continue as if the Agency or the subsidiary of the Agency, as the case may be, were a party to those proceedings from the commencement of the proceedings and the Agency or the subsidiary of the Agency, as the case may be, shall assume such, if any, rights, obligations and entitlements (including under any judgment or order of any court or tribunal in those proceedings) of IBRC, the subsidiary of IBRC concerned or the special liquidator, as the case may be, subsisting before the transfer date, in respect of those proceedings.

(2) Where the proceedings referred to in subsection (1) are proceedings in a jurisdiction other than the State, subsection (1) shall have effect in respect of such proceedings on and from the date on which such, if any, legal requirements of that jurisdiction for the purpose of effecting the substitution concerned in that jurisdiction, including the making of any orders in that regard, are satisfied and references in this section and sections 11A and 11D to “transfer date” shall, in respect of such proceedings, be construed accordingly.]