WINDING UP 
2472 
for the benefit of the winding up. This will depend very 
largely upon the nature of the covenants in the lease. If 
the rent is high and the covenants onerous, the value may 
be small, and on the property being retained the landlord 
will be entitled to be paid rent in full during the liquidation. 
Under the Act of 1908, the only alternative open to the 
liquidator was to notify the landlord of his intention to 
abandon the premises in which case the landlord could only 
prove in the liquidation with the other creditors for rent 
accruing during the liquidation and future rent. Under the 
Act of 1929, however, the liquidator is given the power of dis- 
claimer of leaseholds, and other onerous property analagous 
to that which a Trustee in Bankruptcy has under the Bank- 
ruptcy Act, 1914 [s. 267]. That section provides that where 
any part of the property of a company which is being wound 
up consists of land of any tenure burdened with onerous 
covenants, of shares or stock in companies, of unprofitable 
contracts or of any other property that is unsaleable, or not 
readily saleable, by reason of its binding the possessor thereof 
to the performance of any onerous act, or to the payment of 
any sum of money, the liquidator, notwithstanding that he 
has endeavoured to sell or has taken possession of the property 
or exercised any act of ownership in relation thereto, may, 
with the leave of the Court, but subject to the provisions of the 
section, by writing signed by him disclaim the property. It 
will be noted that the leave of the Court is essential prior to 
the disclaimer and notice of disclaimer must be in writing 
signed by the liquidator. Moreover, notice of disclaimer 
must be given within 12 months after the commencement of 
the winding up, or such extended period as the Court may 
allow, unless the properties which it is desired to disclaim do 
not come to the knowledge of the liquidator within one month 
after the commencement of the winding up, in which case the 
period within which the notice of disclaimer must be given is 
calculated from the date on which the liquidator became 
aware of the property. By sub-s. (2) the disclaimer operates 
to determine as from the date of disclaimer the rights interest 
and liabilities of the Company and the property of the company 
n or in respect of the property disclaimed, but does not, except 
so far as is necessary for the purpose of releasing the company 
and the property of the company from liability, affect the 
rights or liabilities of any other person. In order that persons 
interested may not be left in doubt as to the intentions of the 
liquidator sub-s. (4) provides that any interested person may 
make application to the liquidator in writing requiring him to 
decide whether he will or will not disclaim and that if he has