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Service of copy of notice of disclaimer on interested persons

Variable Capital Companies (Voluntary Winding Up) Regulations 2026

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—(1) The liquidator disclaiming any onerous property must, within 14 days after the date of the notice of disclaimer, serve a copy of the notice on —(a)in a case where the property is an unprofitable contract under section 230(2)(a) of the IRDA — any person who, to the liquidator’s knowledge, is a party to the contract or has an interest under the contract;(b)in a case where the property is of a leasehold nature mentioned in section 231 of the IRDA — any person who is claiming under the VCC or the umbrella VCC (by way of the sub‑fund) as sub‑lessee or mortgagee mentioned in section 231(1) of the IRDA; and(c)in any case — any person who (to the liquidator’s knowledge) —(i)claims an interest in the disclaimed property; or(ii)is under a liability in respect of the disclaimed property, not being a liability discharged by the disclaimer.(2) The copy of the notice of disclaimer may be served on a person mentioned in paragraph (1) —(a)personally; or(b)by prepaid registered post.(3) If subsequently, it comes to the liquidator’s knowledge that any person has an interest in the disclaimed property that would have entitled the person to receive a copy of the notice of disclaimer under paragraph (1), the liquidator must then as soon as reasonably practicable serve on that person a copy of the notice.(4) Without affecting paragraphs (1) and (3), the liquidator may at any time serve a copy of the notice of disclaimer on any person who, in the liquidator’s opinion, ought to be informed of the disclaimer.

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