Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p82
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 82/110)
Character Range: 360290–363077

only do so within 14 days after:

    (a)     if the liquidator gives to the person notice of the disclaimer, because of paragraph 568A(1)(b), before the end of 14 days after the liquidator lodges such notice—the liquidator gives such notice to the person; or

    (b)     if paragraph (a) does not apply but notice of the disclaimer is published under subsection 568A(2) before the end of the 14 days referred to in that paragraph—the last such notice to be so published is so published; or

  (c)     otherwise—the liquidator lodges notice of the disclaimer.

  "(2) On an application under subsection (1), the Court:

  (a)     may by order set aside the disclaimer; and

    (b)     if it does so—may make such further orders as it thinks appropriate.

"(3) However, the Court may set aside a disclaimer under this section only if satisfied that the disclaimer would cause, to persons who have, or claim to have, interests in the property, prejudice that is grossly out of proportion to the prejudice that setting aside the disclaimer would cause to the company's creditors.

When disclaimer takes effect

  "568C.(1) A disclaimer takes effect if, and only if:

    (a)     in a case where only one application under section 568B for an order setting aside the disclaimer, or each of 2 or more such applications, is made within the period that that section prescribes for making the application—the application, or each of the applications, is unsuccessful; or

  (b)     no such application is so made.

"(2) For the purposes of subsection (1), an application under section 568B is successful if, and only if, the result of the application, and all appeals (if any) arising out of the application, being finally determined or otherwise disposed of is an order setting aside the disclaimer (whether or not further orders are also made).

"(3) A disclaimer that takes effect because of subsection (1) is taken to have taken effect on the day after:

  (a) if:

         (i) the liquidator gave to a person notice of the disclaimer because of paragraph 568A(1)(b); or

          (ii) notice of the disclaimer was published under subsection 568A(2);

     before the end of 14 days after the liquidator lodged notice of the disclaimer—the last day when the liquidator so gave such notice or such notice was so published; or

    (b) otherwise—the day when the liquidator lodged notice of the disclaimer.

Effect of disclaimer

"568D.(1) A disclaimer is taken to have terminated, as from the day on which it is taken because of subsection 568C(3) to take effect, the company's rights, interests, liabilities and property in or in respect of the disclaimer property, but does not affect any other person's rights or liabilities except so far as necessary in order to release the company