490. Corporate insolvency.

On the making of a winding-up order, the property of a company does not vest in the liquidator1. The liquidator has power to assign leaseholds held by the company2; but, where leaseholds are held by the company subject to a covenant against assignment without the landlord's consent, he may not assign without that consent3. The liquidator has power to disclaim leaseholds vested in the company4; and, upon such a disclaimer occurring, the landlord is reduced to the position of an unsecured creditor proving in the liquidation in respect of any arrears of rent other than arrears which accrued while