Article 92 - Power to disclaim onerous property
Liquidator may, by the giving of the prescribed notice, disclaim any onerous property and may do so notwithstanding that he has taken possession of it, endeavoured to sell it, or otherwise exercised rights of ownership in relation to it.
(2) Onerous property for the purposes of this Article 92 means any unprofitable contract and any property of the
Company which is unsaleable or not readily saleable or is such that it may give rise to a liability to pay money or perform any other onerous act.
(3) A disclaimer under this Article 92:
(A) operates so as to determine, as from the date of the disclaimer, the rights, interests and liabilities of the
Company in or in respect of the property disclaimed; but
(B) does not, except so far as is necessary for the purpose of releasing the
Company from any liability, affect the rights or liabilities of any other person.
(4) Any person sustaining loss or damage in consequence of the operation of a disclaimer under this section is deemed a creditor of the
Company to the extent of the loss or damage and accordingly may prove for the loss or damage in the winding up.