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BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 97

Limitation of time for disclaimer.

97. When any property of the bankrupt required by the assignees under
the said Act, as amended by this Act, or by the trustee under this Act,
consists of land of any tenure burdened with onerous covenants, of
unmarketable shares in companies, of unprofitable contracts, or of any other
property that is unsaleable, or not readily saleable, by reason of its binding
the possessor thereof to the performance of any onerous act, or to the payment
of any sum of money, the assignees or trustee, notwithstanding that they or he
have or has endeavoured to sell, or have or has taken possession of such
property, or exercised any act of ownership in relation thereto, may, by
writing under their or his hands or hand, disclaim such property; and upon the
execution of such disclaimer, the property disclaimed shall, if the same is a
contract, be deemed to be determined from the date of the order of
adjudication, and if the same is a lease, be deemed to have been surrendered
on the same date, and if the same be shares in any company, be deemed to be
forfeited from that date, and if any other species of property, it shall
revert to the person entitled on the determination of the estate or interest
of the bankrupt, but if there shall be no person in existence so entitled,
then in no case shall any estate or interest therein remain in the bankrupt.
Any person interested in any disclaimed property may apply to the Court, and
the Court may, upon such application, order possession of the disclaimed
property to be delivered up to him, or make such other order as to the
possession thereof as may be just.

Any person injured by the operation of this section shall be deemed a creditor
of the bankrupt to the extent of such injury, and may accordingly prove the
same as a debt under the bankruptcy.

© 1872 Crown Copyright

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