Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p83
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 83/110)
Character Range: 362831–365475

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 and its property from liability.

"(2) A person aggrieved by the operation of a disclaimer is taken to be a creditor of the company to the extent of any loss suffered by the person because of the disclaimer and may prove such a loss as a debt in the winding up.

Application to set aside disclaimer after it has taken effect

"568E.(1) With the leave of the Court, a person who has, or claims to have, an interest in disclaimed property may apply to the Court for an order setting aside the disclaimer after it has taken effect.

"(2) The Court may give leave only if it is satisfied that it is unreasonable in all the circumstances to expect the person to have applied for an order setting aside the disclaimer before it took effect.

  "(3) The Court may give leave subject to conditions.

  "(4) 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, including orders necessary to put the company, the liquidator or anyone else in the same positon, as nearly as practicable, as if the disclaimer had never taken effect.

"(5) However, the Court may set aside a disclaimer only if satisfied that the disclaimer has caused, or 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 (and making any further orders) would cause to:

  (a)     the company's creditors; and

    (b)     persons who have changed their position in reliance on the disclaimer taking effect.

Court may dispose of disclaimed property

"568F.(1) The Court may order that disclaimed property vest in, or be delivered to:

  (a)     a person entitled to the property; or

    (b)     a person in or to whom it seems to the Court appropriate that the property be vested or delivered; or

    (c)     a person as trustee for a person of a kind referred to in paragraph (a) or (b).

  "(2) The Court may make an order under subsection (1):

    (a)     on the application of a person who claims an interest in the property, or is under a liability in respect of the property that this Law has not discharged; and

  (b)     after hearing such persons as it thinks appropriate.

"(3) Subject to subsection (4), where an order is made under subsection (1) vesting property, the