On 5 June 2015, the UK High Court ruled that liabilities imposed by the UK Financial Ombudsman Service on an insurer (to compensate policyholders who were mis-sold payment protection insurance (PPI) did not transfer with the policies under a Part VII transfer (known in Ireland as a portfolio transfer).  The case turned on the Court's construction of the scheme documents (in particular the definition of the term "Transferred Liabilities").  The Court took account of the circumstances of the transfer and a number of commercial and other factors in reaching its conclusion.  Notably, the Court's view was that it would be contrary to business sense to hold that the parties to such a transfer implicitly intended to accept an open-ended liability for PPI mis-selling.