Companies Act 2014 section 944S

Transfer of rights and liabilities, and continuation of leases, licences and permissions granted by office of Director

Section 944S provides for the seamless transfer of all property, records, contracts, legal proceedings and prior actions from the Director of Corporate Enforcement to the Corporate Enforcement Authority on the establishment day.

• All property (excluding land), books, papers and records of the Director automatically vest in the Authority on the establishment day without any formal assignment
• Legal claims and demands (choses in action) transferred to the Authority can be pursued by the Authority in its own name without notifying any obligated parties
• All existing contracts, agreements and arrangements continue in force with the Authority's name substituted for the Director's, and any pending court or tribunal proceedings likewise continue with the Authority replacing the Director as party
• Any actions taken or in the course of being taken by or on behalf of the Director before the establishment day remain valid and take effect as though carried out by or on behalf of the Authority