Effect of disclaimer-bankruptcy and liquidation, Financial Accounting

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Effect of disclaimer

The trustee may disclaim onerous property consisting of:

Land burdened with onerous covenants;
Stocks and shares;
Unprofitable contracts, or
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.

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