Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 108

108. Section 568 of the Corporations Law is amended:

   (a)  by omitting subsections (1), (2), (3), (4), (5), (6) and (7) and
        substituting the following subsections:

"(1) Subject to this section, a liquidator of a company may at any time, on
the company's behalf, by signed writing disclaim property of the company that
consists of:

   (a)  land burdened with onerous covenants; or

   (b)  shares; or

   (c)  property that is unsaleable or is not readily saleable; or

   (d)  property that may give rise to a liability to pay money or some other
        onerous obligation; or

   (e)  property where it is reasonable to expect that the costs, charges and
        expenses that would be incurred in realising the property would exceed
        the proceeds of realising the property; or

   (f)  a contract; whether or not:

   (g)  except in the case of a contract - the liquidator has tried to sell
        the property, has taken possession of it or exercised an act of
        ownership in 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).