194.This Part provides a mechanism for transferring, with the sanction of the courts, all or part of the business of certain kinds of authorised persons.  In broad terms, the mechanism covers 2 types of transfer:
	transfers of insurance business; and
	transfers of banking business.
195.The mechanism, as it relates to transfers of insurance business, replaces the arrangements under sections 49 to 52B of, and Schedule 2C to, the Insurance Companies Act 1982, which implement requirements of the EC insurance directives.  Banking business transfers have usually required a private act of Parliament, which can involve a lenghty procedure and substantial cost to the firms concerned.
Commentary on Sections Part Vii: Control of Business Transfers