Bankruptcy (Amendment) Act 2015

Amendment of section 56 of Act of 1988

8. Section 56 of the Act of 1988 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) Subject to subsection (5), where any of the property (other than after- acquired property) of a bankrupt consists of—

(a) any unprofitable contract, or

(b) any other property which—

(i) is unsaleable,

(ii) is not readily saleable for any reason whatsoever (including because the property is subject to any mortgage, charge, lien or other security), or

(iii) gives rise to a liability to pay money or perform any other onerous act,

the Official Assignee, notwithstanding that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto, may, with the leave of the Court and subject to the provisions of this section, by writing signed by him, at any time disclaim the property.”,

and

(b) by the deletion of subsection (2).