Disclaimer of onerous property allows liquidator, with tribunal leave, to renounce burdensome assets and limit company liability. A liquidator, with Tribunal leave and within prescribed time limits or extended periods, may disclaim onerous or unsaleable company property-including land burdened with onerous covenants, shares, unsaleable assets bound to onerous acts or payments, and unprofitable contracts-thereby determining the company's rights and liabilities as to such property from the date of disclaimer, subject to the Tribunal's power to require notice, impose conditions, order rescission with damages provable as debts, and to make vesting orders on specified terms for claimants, especially in respect of leaseholds.