Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p81
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 81/110)
Character Range: 357744–360534

relation to it; or

        (h) in the case of a contract—the company or the liquidator has tried to assign, or has exercised rights in relation to, the contract or any property to which it relates.

     "(1A) A liquidator cannot disclaim a contract (other than an unprofitable contract or a lease of land) except with the leave of the Court.

     "(1B) On an application for leave under subsection (1A), the Court may:

      (a)     grant leave subject to such conditions; and

        (b)     make such orders in connection with matters arising under, or relating to, the contract;

     as the Court considers just and equitable.";

  (b) by omitting subsections (11) and (12).

109. After section 568 of the Corporations Law the following sections and heading are inserted:

Liquidator must give notice of disclaimer

"568A.(1) As soon as practicable after disclaiming property, a liquidator must:

  (a)     lodge a written notice of the disclaimer; and

    (b)     give written notice of the disclaimer to each person who appears to the liquidator to have, or to claim to have, an interest in the property; and

    (c)     if the liquidator has reason to suspect that some person or persons may have, or may claim to have, an interest or interests in the property, but either does not know who, or does not

     know where, the person is or the persons are—comply with subsection (2); and

    (d) if a law of the Commonwealth or of a State or Territory requires the transfer or transmission of the property to be registered—give written notice of the disclaimer to the registrar or other person who has the function under that law of registering the transfer or transmission of the property.

"(2) If paragraph (1)(c) applies, the liquidator must cause notice of the disclaimer to be published:

    (a)     if the property is situated in a jurisdiction and a daily newspaper circulates generally in that jurisdiction—in a daily newspaper that so circulates; and

  (b)     in each jurisdiction in which:

         (i) the company has carried on business during or after the period of 6 months ending when the winding up began; and

      (ii) a daily newspaper circulates generally;

in a daily newspaper that circulates generally in that jurisdiction; whether on the same or different days.

Application to set aside disclaimer before it takes effect

"568B.(1) 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 before it takes effect, but may 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