(a) if all the parties to the proceedings so agree; or
(b) if the court of its own motion or on the application of a party so directs;
be transferred to the Credit Tribunal and shall continue before the Credit Tribunal as if they had been instituted there.
(2) Where proceedings are instituted in, or are before, the Credit Tribunal in a matter for the determination of which the Credit Tribunal and a court each have jurisdiction, the proceedings shall—
(a) if all the parties so agree; or
(b) if the Credit Tribunal of its own motion or on the application of a party so directs;
be transferred to the court in accordance with the rules of the court or, if the court is not empowered to make those rules, as prescribed, and shall continue before the court as if they had been instituted in the court.