Version Superseded: 06/06/2013
Point in time view as at 06/04/2003. This version of this provision has been superseded.
Insolvency Act 1986, Section 181 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)This section and the next apply where the liquidator has disclaimed property under section 178.
(2)An application under this section may be made to the court by—
(a)any person who claims an interest in the disclaimed property, or
(b)any person who is under any liability in respect of the disclaimed property, not being a liability discharged by the disclaimer.
(3)Subject as follows, the court may on the application make an order, on such terms as it thinks fit, for the vesting of the disclaimed property in, or for 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 (2)(b) or a trustee for such a person.
(4)The court shall not make an order under subsection (3)(b) except 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.
(5)The effect of any order under this section shall be taken into account in assessing for the purpose of section 178(6) the extent of any loss or damage sustained by any person in consequence of the disclaimer.
(6)An order under this section vesting property in any person need not be completed by conveyance, assignment or transfer.
Modifications etc. (not altering text)
C1S. 181 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2
C2S. 181 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2
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