The following Restructuring & Insolvency practice note Produced in partnership with Robert Hantusch of Three Stone provides comprehensive and up to date legal information covering:
This Practice Note covers the process of disclaimer and the steps to be taken to disclaim. For guidance on what disclaimer is and what can be disclaimed, see:
Practice Note: The effect of disclaimer by a liquidator or trustee in bankruptcy on property and third parties
Practice Note: What is considered onerous property or contracts?
Checklist and timeline for disclaimer—checklist
This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and processes as a result of the Coronavirus (COVID-19) pandemic, including the Temporary Insolvency Practice Direction 2020. For further information, see Practice Notes: Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings and The Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction (October 2020). For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
Disclaimer is an entirely statutory procedure which is governed by the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024:
in the case of liquidation, the relevant provisions are found in IA 1986, ss 178–182 and in IR 2016, SI 2016/1024, rr 19.1–19.11
in the case of bankruptcy, the relevant provisions are found in IA 1986, ss 315–321 and IR 2016, SI 2016/1024, rr 19.1–19.11
The statutory provisions
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