Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
375. Court order vesting disclaimed property
Feedback & supportThis section and section 376 apply where the Official Assignee has disclaimed property under section 373.
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
An application may be made to the Court under this section by —
any person who claims an interest in the disclaimed property;
any person who is under any liability in respect of the disclaimed property, not being a liability discharged by the disclaimer; or
where the disclaimed property is property in a dwelling house, any person who at the time when the bankruptcy order was made was in occupation of or entitled to occupy the dwelling house.
The Court may, on an application under this section, make an order on such terms as it 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;
a person subject to such a liability as is mentioned in subsection (2)(b) or a trustee for such a person; or
where the disclaimed property is property in a dwelling house, any person who at the time when the bankruptcy order was made was in occupation of or entitled to occupy the dwelling house.
The Court may not make any order by virtue of subsection (3)(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 is to be taken into account in assessing for the purposes of section 373(6) 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 any 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 that land by the appropriate authority.