THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 7A - Disclaimer of onerous property

SECTION 568C   WHEN DISCLAIMER TAKES EFFECT  

568C(1)  [Application under sec 568B]  

A disclaimer takes effect if, and only if:

(a)  in a case where only one application under section 568B for an order setting aside the disclaimer, or each of 2 or more such applications, is made within the period that that section prescribes for making the application - the application, or each of the applications, is unsuccessful; or

(b)  no such application is so made.

568C(2)  [Sec 568B application successful]  

For the purposes of subsection (1), an application under section 568B is successful if, and only if, the result of the application, and all appeals (if any) arising out of the application, being finally determined or otherwise disposed of is an order setting aside the disclaimer (whether or not further orders are also made).

568C(3)  [Effective date of disclaimer]  

A disclaimer that takes effect because of subsection (1) is taken to have taken effect on the day after:

(a)  if:

(i) the liquidator gave to a person notice of the disclaimer because of paragraph 568A(1)(b); or

(ii) notice of the disclaimer was published under subsection 568A(2);

before the end of 14 days after the liquidator lodged notice of the disclaimer - the last day when the liquidator so gave such notice or such notice was so published; or

(b)  otherwise - the day when the liquidator lodged notice of the disclaimer.