BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 43 - Disclaimer

(1) Within one year from the commencement of the winding up the liquidator may, if he is of the opinion that the property of the company will not be of benefit to the creditors, by notice published in the Gazette disclaim the property, so however that if any person interested in the property so vested in the liquidator has by application in writing required the liquidator to elect whether he disclaims the property or not, this subsection shall not apply if the liquidator fails to disclaim within one month after the making of the application or such longer period as the Court may allow.

(2) The Court may, on the application of any person interested give such relief and make such other provision as it thinks just in consequence of the disclaimer under this section.

(3) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests and liabilities of the company, and the property of the company, in or in respect of the property disclaimed, but shall not, except so far as is necessary for the purpose of releasing the company and the property of the company from liability, affect the rights or liabilities of any other person.