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Disclaimer of onerous property allows a liquidator to renounce burdensome assets with tribunal leave, altering company rights and claims. Clause 333 authorises the company liquidator, with Tribunal leave and within prescribed time limits, to disclaim onerous property including land with onerous covenants, shares, unsaleable property due to binding obligations, and unprofitable contracts. The disclaimer terminates the company's rights, interests and liabilities in the disclaimed property from the date of disclaimer, subject to preservation of third party rights where necessary to release the company. The Tribunal may impose notice requirements, conditions, rescind contracts with terms for damages, and order vesting of disclaimed property on just terms, with special conditions for leaseholds.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Disclaimer of onerous property allows a liquidator to renounce burdensome assets with tribunal leave, altering company rights and claims.</h1> Clause 333 authorises the company liquidator, with Tribunal leave and within prescribed time limits, to disclaim onerous property including land with onerous covenants, shares, unsaleable property due to binding obligations, and unprofitable contracts. The disclaimer terminates the company's rights, interests and liabilities in the disclaimed property from the date of disclaimer, subject to preservation of third party rights where necessary to release the company. The Tribunal may impose notice requirements, conditions, rescind contracts with terms for damages, and order vesting of disclaimed property on just terms, with special conditions for leaseholds.
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