Disclaimer of onerous property: liquidator may seek court approval to renounce burdensome assets, creating creditor claims for compensation. Liquidator may apply to the Adjudicating Authority within six months (or extended period) to disclaim specified onerous property or unprofitable contracts where the corporate debtor's assets are burdened, non saleable, or subject to onerous obligations; the liquidator must give at least seven days' notice to persons interested and must not apply if he failed to communicate intent within one month after such person's written inquiry. Subject to approval, disclaimer operates from the date of disclaimer to determine the corporate debtor's rights and liabilities, and affected persons are deemed creditors for compensation or damages payable as debts in liquidation.