(1) This and the next two sections apply to a company that is being wound up in England and Wales.
(2) Subject as follows, the liquidator may, by the giving of the prescribed notice, disclaim any onerous property and may do so notwithstanding that he has taken possession of it, endeavoured to sell it, or otherwise exercised rights of ownership in relation to it.
(3) The following is onerous property for the purposes of this section—
(a) any unprofitable contract, and
(b) any other property of the company which is unsaleable or not readily saleable or is such that it may
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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