Time for disclaimer-bankruptcy and liquidation, Financial Accounting

Time for disclaimer

The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as the court may allow.

This right is lost if a person interested in the property applies in writing for him to decide whether he will disclaim or not; in this case the trustee must give notice of disclaimer within 28 days of receiving the application, unless the court extends the time.

The court's consent is not required to the disclaimer except in the case of certain leases.

Posted Date: 12/13/2012 12:54:10 AM | Location : United States

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