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 company in or in respect of the property disclaimed.(2) It does not, except so far as is necessary for the purpose of releasing the company 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 company 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 be-ginning 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.