Disclaimer of onerous property.
c. 52 a. 55.
No. 7.]
THE ORDINANCES OF HONGKONG : [A.D. 1891
(2.) On the appointment of a Trustee, the property shall forthwith pass to and vest in the Trustee appointed.
(3.) The property of the bankrupt shall pass from Trustee to Trustee including under that term the Official Receiver when he fills the office of Trustee, and shall vest in the Trustee for the time being during his continuance in office, without any conveyance, assignment, or transfer whatever.
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7.
48.—(1.) When any part of the property of the bankrupt consists of land of any tenure burdened with onerous covenants or liabilities, or of 46 & 47 Vict. shares or stock in companies, or of unprofitable contracts, or of other property that is unsaleable or not readily saleable by reason of its binding the possessor thereof to the performance of any onerous act or to the payment of any sum of money, the Trustee, notwithstanding that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto, but subject to the provisions of this section, may, by writing signed by him, at any time within six months after the appointment of a Trustee, disclaim the property.
Provided that where any such property has not come to the knowledge of the Trustee within three months after such appointment, he may disclaim such property at any time within three months after he first became aware thereof.
(2.) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests, and liabilities of the bankrupt and his property in or in respect of the property disclaimed, and shall also discharge the Trustee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shall not, except so far as is necessary for the purpose of releasing the bankrupt and his property and the Trustee from liability, affect the rights or liabilities of any other person.
(3.) A Trustee shall not be entitled to disclaim a lease without leave of the Court, and the Court may, before or on granting such leave, require such notices to be given to persons interested, and impose such terms as a condition of granting leave, and make such orders with respect to fixtures, tenants' improvements, and other matters arising out of the tenancy as the Court may think just.
(4) The Trustee shall not be entitled to disclaim any property in pursuance of this section in any case where an application in writing has been made to the Trustee by any person interested in the property requiring him to decide whether he will disclaim or not, and the Trustee has, for a period of twenty-eight days after the receipt of the application or such extended period as may be allowed by the Court, declined or neglected to give notice whether he disclaims the property or not; and, in the case of a contract, if the Trustee, after such application as aforesaid...
Disclaimer of onerous property.
c. 52 a. 55.
No. 7.]
THE ORDINANCES OF HONGKONG : [A.D. 1891 (2.) On the appointment of a Trustee, the property shall forthwith pass to and vest in the Trustee appointed.
(3.) The property of the bankrupt shall pass from Trustee to Trustee including under that term the Official Receiver when he fills the office. Trustee, and shall vest in the Trustee for the time being during his continu ance in office, without any conveyance, assignment, or transfer whatever
-3
7.
48.—(1.) When any part of the property of the bankrupt consists of land of any tenure burdened with onerous covenants or liabilities, or of 46 & 47 Fict. shares or stock in companies, or of unprofitable contracts, or of
other property that is unsaleable or not readily saleable by reason of its binding the possessor thereof to the performance of any onerous act on to the payment of any sum of money, the Trustee, notwithstandin that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto, but subject the provisions of this section, may, by writing signed by him, at any time within six months after the appointment of a Trustee, disclaim the property
Provided that where any such property has not come to the knowledge of the Trustee within three months after such appointment, he may disclaim such property at any time within three months after he first became aware thereof.
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(2.) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests, and liabilities of the bankrupt and his property in or in respect of the property disclaimed, and shall also dis charge the Trustee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shal not, except so far as is necessary for the purpose of releasing the bank rupt and his property and the Trustee from liability, affect the rights or liabilities of any other person.
(3.) A Trustee shall not be entitled to disclaim a lease without leave of the Court, and the Court may, before or on granting such leave, require such notices to be given to persons interested, and impose such terms as condition of granting leave, and make such orders with respect to fixtures, tenants' improvements, and other matters arising out of the tenancy as the Court may think just.
(4) The Trustee shall not be entitled to disclaim any property in pursuance of this section in any case where an application in writing has been made to the Trustee by any person interested in the property requiring him to decide whether he will disclaim or not, and the Trustee has, for a period of twenty-eight days after the receipt of the application or such extended period as may be allowed by the Court, declined or neglected to give notice whether he disclaims the property or not; and, in the case of a contract, if the Trustee, after such application as afore
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