Document ID: chunk:federal_register_of_legislation:F2024C01292:reg:32
Version: federal_register_of_legislation:F2024C01292
Segment Type: reg
Provision Reference: reg 32
Character Range: 47544–48757

32  Disclaimer of onerous property
 (1) A notice of disclaimer under subsection 133(1) or (1A) of the Act must:
 (a) adequately identify both of the following:
 (i) the bankrupt to whom the notice relates;
 (ii) the property or contract being disclaimed; and
 (b) in the case of disclaimer, without the leave of the Court, of a lease—set out facts showing that subsection 133(4) of the Act has been complied with; and
 (c) in the case of disclaimer, without the leave of the Court, of a contract—set out facts showing that the contract is, for the purposes of subsection 133(5A) of the Act, an unprofitable contract.
 (2) A trustee who gives a notice of disclaimer under subsection 133(1) or (1A) of the Act must give the notice to each person who, to the trustee's knowledge:
 (a) in the case of disclaimer of property—has an interest in the property; or
 (b) in the case of disclaimer of a contract—is:
 (i) entitled to a benefit of, or right under, the contract; or
 (ii) subject to a burden or liability under the contract.
 (3) A failure to comply with subsection (1) or (2) does not affect the validity of a notice of disclaimer under subsection 133(1) or (1A) of the Act.

Division 6—Definition of income