Property of Dissolved LLP
49. 49. Property vesting as bona vacantia
876. Property of a dissolved LLP(1) When a LLP is dissolved, all property and rights whatsoever vested in or held on trust for the LLP immediately before its dissolution (but not including property held by the LLP on trust for another person) are deemed to be bona vacantia and —(a) accordingly belong to the Board, and(b) vest and may be dealt with in the same manner as other bona vacantia accruing to the Board.
877. Board disclaimer of property vesting as bona vacantia(1) Where property vests in the Board under section 876, the Board's title to it under that section may be disclaimed by a notice signed by a person duly authorised by the Board.(2) The right to execute a notice of disclaimer under this section may be waived by or on behalf of the Board either expressly or by taking possession.(3) A notice of disclaimer must be executed within three years after —(a) the date on which the fact that the property may have vested in the Board under section 876 first comes to the notice of the Board, or(b) if ownership of the property is not established at that date, the end of the period reasonably necessary for the Board to establish the ownership of the property.(4) If an application in writing is made to the Board by a person interested in the property requiring him to decide whether he will or will not disclaim, any notice of disclaimer must be executed within twelve months after the making of the application or such further period as may be allowed by the Court.(5) A notice of disclaimer under this section is of no effect if it is shown to have been executed after the end of the period specified by subsection (3) or (4).(6) A notice of disclaimer under this section must be delivered to the Registrar and retained and registered by him.(7) Copies of it must be published on the website of the Registrar and sent to any persons who have given the Board notice that they claim to be interested in the property.
50. 50. Effect of Board disclaimer
879. General effect of disclaimer(1) The Board's disclaimer operates so as to determine, as from the date of the disclaimer, the rights, interests and liabilities of the LLP in or in respect of the property disclaimed.(2) It does not, except so far as is necessary for the purpose of releasing the LLP from any liability, affect the rights or liabilities of any other person.
880. Disclaimer of leasehold property(1) The disclaimer of any property of a leasehold character does not take effect unless a copy of the disclaimer has been served (so far as Board is aware of their addresses) on every person claiming under the LLP as underlessee , sublessee or mortgagee, and either —(a) no application under section 881 (power of Court to make vesting order) is made with respect to that property before the end of the period of 14 days beginning with the day on which the last notice under this paragraph was served, or(b) where such an application has been made, the Court directs that the disclaimer shall take effect.(2) Where the Court gives a direction under subsection (1)(b) it may also, instead of or in addition to any order it makes under section 881, make such order as it thinks fit with respect to fixtures, tenant's improvements and other matters arising out of the lease.
881. Power of Court to make vesting order(1) The Court may on application by a person who —(a) claims an interest in the disclaimed property, or(b) is under a liability in respect of the disclaimed property that is not discharged by the disclaimer,make an order under this section in respect of the property.(2) An order under this section is an order for the vesting of the disclaimed property in, or its delivery to —(a) a person entitled to it (or a trustee for such a person), or(b) a person subject to such a liability as is mentioned in subsection (1)(b) (or a trustee for such a person).(3) An order under subsection (2)(b) may only be made where it appears to the Court that it would be just to do so for the purpose of compensating the person subject to the liability in respect of the disclaimer.(4) An order under this section may be made on such terms as the Court thinks fit.(5) On a vesting order being made under this section, the property comprised in it vests in the person named in that behalf in the order without conveyance, assignment or transfer."