Effect of disclaimer-bankruptcy and liquidation, Financial Accounting

Effect of disclaimer

The trustee may disclaim onerous property consisting of:

  1. Land burdened with onerous covenants;
  2. Stocks and shares;
  3. Unprofitable contracts, or
  4. Other property which is not readily saleable by reason of the liabilities attaching thereto;

and thereupon all the rights, interests and liabilities of the bankrupt and of the trustee in relation to the property are determined as from the date of disclaimer.

Posted Date: 12/13/2012 12:50:54 AM | Location : United States

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