Bankruptcy Regulations 2021

PART 6 - ADMINISTRATION OF PROPERTY  

Division 5 - Realisation of property  

SECTION 32   DISCLAIMER OF ONEROUS PROPERTY  

32(1)    
A notice of disclaimer under subsection 133(1) or (1A) of the Act must:

(a)    adequately identify both of the following:

(i) the bankrupt to whom the notice relates;

(ii) the property or contract being disclaimed; and

(b)    in the case of disclaimer, without the leave of the Court, of a lease - set out facts showing that subsection 133(4) of the Act has been complied with; and

(c)    in the case of disclaimer, without the leave of the Court, of a contract - set out facts showing that the contract is, for the purposes of subsection 133(5A) of the Act, an unprofitable contract.

32(2)    
A trustee who gives a notice of disclaimer under subsection 133(1) or (1A) of the Act must give the notice to each person who, to the trustee ' s knowledge:

(a)    in the case of disclaimer of property - has an interest in the property; or

(b)    in the case of disclaimer of a contract - is:

(i) entitled to a benefit of, or right under, the contract; or

(ii) subject to a burden or liability under the contract.

32(3)    
A failure to comply with subsection (1) or (2) does not affect the validity of a notice of disclaimer under subsection 133(1) or (1A) of the Act.