Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 9 · Provisions Applicable in Judicial Management and Winding Up
232. Court order vesting disclaimed property
Feedback & supportThis section and section 233 apply where a judicial manager or liquidator has disclaimed property under section 230.
judicial manager
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
An application under this section may be made to the Court by —
any person who claims an interest in the disclaimed property; or
any person who is under any liability in respect of the disclaimed property, not being a liability discharged by the disclaimer.
The Court may, on an application made under subsection (2), make an order to set aside the disclaimer or make such order as the Court thinks just, where the injury caused by the disclaimer outweighs any advantage likely to be gained by the judicial manager or liquidator.
liquidator
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
The Court may, on an application made under subsection (2), also make an order, on such terms as the Court thinks fit, for the vesting of the disclaimed property in, or for its delivery to —
property
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
a person entitled to the disclaimed property or a trustee for such a person; or
a person subject to a liability mentioned in subsection (2)(b) or a trustee for such a person.
The Court must not make an order under subsection (4)(b) except where it appears to the Court that it would be just to do so for the purpose of compensating the person subject to the liability in respect of the disclaimer.
liability
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
The effect of any order under this section must be taken into account in assessing for the purpose of section 230(5) the extent of any loss or damage sustained by any person in consequence of the disclaimer.
An order under this section vesting property in any person —
need not be completed by conveyance, assignment or transfer; but(b)does not have any effect or operation in transferring or otherwise vesting land until the appropriate entries are made with respect to the vesting of land by the appropriate authority.