Transfer of Businesses (Protection of Creditors) Ordinance

(5)
Subject to subsection (6), in the case of a notice of transfer referred
to—
(a)
in subsection (1), if proceedings are instituted against the transferor in respect of any liability of the transferor arising before such notice has become complete and out of the carrying on of his business; or
(b)
in subsection (2) or (3), if proceedings are instituted against the transferee in respect of any liability of the transferee under
section 3
arising before such notice becomes complete,
the notice of transfer shall (for the purposes of such proceedings only) be deemed incomplete pending the final determination of such proceedings, including all possible appeals, and pending the expiration of all periods during which such appeals may be brought.