THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 7A - Disclaimer of onerous property

 View history note

SECTION 568F   COURT MAY DISPOSE OF DISCLAIMED PROPERTY  

View history reference

568F(1)  [Court order as to vesting of property]  

The Court may order that disclaimed property vest in, or be delivered to:

(a)  a person entitled to the property; or

(b)  a person in or to whom it seems to the Court appropriate that the property be vested or delivered; or

(c)  a person as trustee for a person of a kind referred to in paragraph (a) or (b).

 View history note

568F(2)  [Who may apply for vesting order]  

The Court may make an order under subsection (1):

(a)  on the application of a person who claims an interest in the property, or is under a liability in respect of the property that this Law has not discharged; and

(b)  after hearing such persons as it thinks appropriate.

 View history note

568F(3)  [Effect of vesting order]  

Subject to subsection (4), where an order is made under subsection (1) vesting property, the property vests immediately, for the purposes of the order, without any conveyance, transfer or assignment.

 View history note

568F(4)  [Effect of other law]  

Where:

(a)  a law of the Commonwealth or of a State or Territory requires the transfer of property vested by an order under subsection (1) to be registered; and

(b)  that law enables the order to be registered;

the property vests in equity because of the order but does not vest at law until that law has been complied with.

 View history note

 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.