(1) A transfer order has effect -
(a) if there is an application made under section 32, 33 or 34 -
(i) if the Court makes an order under section 32, 33 or 34 and makes an order as to the date of effect, at that date,
(ii) if the Court makes an order under section 32, 33 or 34 and does not make an order as to the date of effect, the date of the order made under section 32, 33 or 34, as the case may be,
(iii) if the Court does not make an order under section 32, 33 or 34, 14 days after the publication of the order under section 31,
or
(b) if there is no application made under section 32, 33 or 34 -
(i) immediately, to the extent that the Court so orders, or
(ii) if the Court does not make an order as to the date of effect, 14 days after the publication of the order under section 31.
(2) At the time of the transfer, all the assets and liabilities specified in the order (whether located in the State or not) are transferred to the transferee.
(3) On and after the transfer of an asset or lia
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