332. Disclaimer of onerous property Flashcards
1
Q
- Disclaimer of onerous property
A
General overview
[332.01] Under s 332, where any part of the property of a company consists of any estate or interest in land that is burdened with onerous covenants; shares in corporations; unprofitable contracts; or 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 of the company may, with the leave of the court or committee of inspection within 12 months after the commencement of the winding up (or 12 months from such time where such property comes to the knowledge of the liquidator), disclaim the property. Ok
