effect (1) A person who has, or claims to have, an interest in disclaimed
property may apply to the Court for an order setting aside the disclaimer
before it takes effect, but may only do so within 14 days after:
- (a)
- if the
liquidator gives to the person notice of the disclaimer, because of paragraph
568A(1)(b), before the end of 14 days after the liquidator lodges such
noticethe liquidator gives such notice to the person; or
- (b)
- if paragraph (a) does not apply but notice of the disclaimer is
published under subsection 568A(2) before the end of the 14 days referred to
in that paragraphthe last such notice to be so published is so
published; or
- (c)
- otherwisethe liquidator lodges notice of the disclaimer.
(2) On an application under subsection (1), the Court:
- (a)
- may by order
set aside the disclaimer; and
- (b)
- if it does somay make such further orders as it thinks appropriate.
(3) However, the Court may set aside a disclaimer under this section only if
satisfied that the disclaimer would cause, to persons who have, or claim to
have, interests in the property, prejudice that is grossly out of proportion
to the prejudice that setting aside the disclaimer would cause to the
company's creditors.