Vesting of disclaimed leasehold property: Tribunal may vest interests subject to lessee liabilities or exclude non electing claimants.

Rule 234 permits the Tribunal, after hearing interested parties, to vest disclaimed leasehold property in a person entitled or a trustee on terms the Tribunal deems just, transferring the estate without conveyance. For leasehold property, vesting in persons claiming under the LLP is conditional on their acceptance of the same lease liabilities as the LLP or on terms equivalent to an assignment; those declining such terms are excluded from interest and security. If no claimant accepts, the Tribunal may vest the estate in a person liable to perform the lessee's covenants, freed from LLP-created encumbrances. Injured persons are deemed creditors and may prove compensation in the winding up.

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