(1) Subject to paragraph (5), paragraphs (2), (2A), (3) and (4) apply where an arrangement has been entered into under which one party owes a liability to the other and that liability is secured against property or rights; and it is immaterial that -
(a) the liability is secured against all or substantially all of the property or rights of a person;
(b) the liability is secured against specified property or rights; or
(c) the property or rights against which the liability is secured are not owned by the person who owes the liability.
(2) A partial property transfer to which this Order applies may not transfer the property or rights against which the liability is secured unless that liability and the benefit of the security are also transferred.
(2A) A partial property transfer to which this Order applies may not transfer the benefit of the security unless the liability which is secured is also transferred.
(3) A partial property transfer to which this Order applies may not transfer the
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