Vesting order requirement: failure to elect leads to exclusion from lease interest; application preserves lease subject to liabilities.

The tribunal may order that a respondent must elect to apply for a vesting order of company leasehold property within a prescribed period with service proved by affidavit; failure to apply results in exclusion from all interest and security in the premises, whereas a timely application may result in vesting of the company's leasehold interest in the respondent for the residue of the term, subject to the same liabilities and obligations as those incumbent on the company at the commencement of winding up.

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