(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
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