Disclaimer

This is the right given to the liquidator to reject any onerous property or contract of the company, in most cases other than contracts without the leave of the court, by notice in writing. Once the disclaimer takes effect, it terminates the interest of the company in the property or contract concerned. The liquidator can be compelled to elect whether to disclaim by a person interested.

The court can set aside a disclaimer before and in some circumstances after, the disclaimer takes effect, and can make orders about the disposition of disclaimed property.

See Disclaimer.