§ 12.—(1) Sub-paragraph (2) applies if in the case of a relevant transfer—
- (a) a debt owed to the transferor is transferred to the transferee, and
- (b) the transferor would, apart from this paragraph, be the original creditor in relation to that debt for the purposes of section 251 of the 1992 Act (disposal of debts).
§ (2) The 1992 Act is to have effect as if the transferee (and not the transferor) were the original creditor for those purposes.