H&K 
SECRETARIAL PRACTICE 
Disclaimer of 267.—(1) Where any part of the property of a company which 
onerous property . . i y 
in case of com-~ 1S being wound up consists of land of any tenure burdened with 
og Mi up 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 perform- 
ance of any onerous act, or to the payment of any sum of money, the 
liquidator of the company, 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 and 
subject to the provisions of this section, by writing signed by him, at 
any time within twelve months after the commencement of the 
winding up or such extended period as may be allowed bv the court, 
disclaim the property: 
Provided that, where any such property has not come to the 
knowledge of the liquidator within one month after the commence- 
ment of the winding up, the power under this section of disclaiming 
the property may be exercised at any time within twelve months 
after he has become aware thereof or such extended period as may 
be allowed by the court. 
(2) The disclaimer shall operate to determine, as from the 
date of disclaimer, the rights, interest, and liabilities of the company, 
and the property of the company, in or in respect of the property 
disclaimed, but shall 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. 
(3) The court, before or on granting leave to disclaim, may 
require such notices to be given to persons interested, and impose 
such terms as a condition of granting leave, and make such other order 
in the matter as the court thinks just. 
(4) The liquidator shall not be entitled to disclaim any property 
under this section in any case where an application in writing has 
been made to him by any persons interested in the property requiring 
him to decide whether he will or will not disclaim, and the liquidator 
has not, within a period of twenty-eight days after the receipt of the 
application or such further period as may be allowed by the court, 
given notice to the applicant that he intends to apply to the court for 
leave to disclaim, and, in the case of a contract, if the liquidator, 
after such an application as aforesaid, does not within the said period 
or further period disclaim the contract. the companv shall be deemed 
to have adopted it. 
(5) The court may, on the application of any person who is, as 
against the liquidator, entitled to the benefit or subject to the burden 
of a contract made with the company, make an order rescinding the 
contract on such terms as to payment by or to either party of 
damages for the non-performance of the contract, or otherwise as the 
court thinks just, and any damages payable under the order to any 
such person may be proved by him as a debt in the winding up. 
(6) The court may, on an application by any person who either 
claims any interest in any disclaimed property or is under any liability 
not discharged by this Act in respect of anv disclaimed property and