523. Disclaimer by a liquidator.

523.     Disclaimer by a liquidator.

Where a company1 is being wound up, the liquidator may disclaim onerous property2 by giving notice even if he has taken possession of it, endeavoured to sell it or otherwise exercised rights of ownership in relation to it3. Disclaimer determines the rights, interests and liabilities of the company in or in respect of the property disclaimed, as from the date of disclaimer4. Except so far as is necessary to release the company from liability, disclaimer does not affect the rights or liabilities of any other person5. Accordingly, where the liquidator disclaims a