Vesting of lease: tribunal may exclude non electing party from interest or vest lease in applicant.

Tribunal may require a respondent to elect within a fixed period whether to apply for a vesting order of disclaimed lease property; if the respondent fails to apply within the prescribed time after service, the respondent is excluded from all interest in and security upon the premises, or alternatively the LLP's lease interest may vest in the applicant for the residue of the term subject to the same liabilities and obligations as attached to the LLP at the commencement of winding up.

---

---

---