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Disclaimer

Under sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a Trustee in bankruptcy (trustee) has the power to disclaim property belong to the company or bankrupt which they consider to be onerous. This Practice Note considers the position of a liquidator, but the principles are the same a trustee.

For more detail on disclaimer, what it is and what the process is for invoking it, see:

1. •

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2. •

   Practice Note: The process of disclaimer by a liquidator or trustee in bankruptcy under sections 178 or 315 of the Insolvency Act 1986

3. •

   Practice Note: The effect of disclaimer by a liquidator or trustee in bankruptcy on property and third parties

. This Practice Note covers what is considered in practice as ‘onerous’ in this context.

What is Onerous property?

IA 1986, s 178(3) defines onerous property as:

1. •

   any unprofitable contract, and

2. •

   any other property of the company which is unsaleable or not readily saleable or is such that it may give rise to