Vesting of disclaimed lease: sublessee must seek a vesting order within the stipulated period or forfeit lease interest. When an LLP liquidator disclaims a lease, interested sub-lessees or chargees must be ordered to apply for a vesting order within a stipulated period after service; the vesting order is subject to the same liabilities and obligations as those borne by the LLP under the lease (or as if the lease had been assigned on winding-up commencement), and failure to apply results in exclusion from all interest and security in the premises.
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.
Vesting of disclaimed lease: sublessee must seek a vesting order within the stipulated period or forfeit lease interest.
When an LLP liquidator disclaims a lease, interested sub-lessees or chargees must be ordered to apply for a vesting order within a stipulated period after service; the vesting order is subject to the same liabilities and obligations as those borne by the LLP under the lease (or as if the lease had been assigned on winding-up commencement), and failure to apply results in exclusion from all interest and security in the premises.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
