Private Equity (Transfer of Undertakings and Protection of Employment) Bill

First, the existing regulations would apply to Northern Rock, because there is a transfer of ownership from the private owner to the Government through nationalisation. On the more general question about the point of the proposals and whether the existing regulations would apply, about which two hon. Members have asked my hon. Friend in interventions, I refer him and them to Library research paper No. 23, which says:"““It is fairly clear that when one company sells a business to another as a going concern, TUPE does apply.””" However, it continues:"““TUPE does not apply to transfers of shares””." That is the point of my hon. Friend's Bill.