133Disclaimer of onerous property

133  Disclaimer of onerous property

 (1AA) Where any part of the property of the bankrupt consists of:

 (a) land of any tenure burdened with onerous covenants; or

 (b) property (including land) that is unsaleable or is not readily saleable;

subsection (1) applies.

 (1AB) Where:

 (a) any part of the property of the bankrupt consists of property, being neither land nor an interest in land; and

 (b) it may reasonably be expected that the costs, charges and expenses that the trustee would incur in realising the property would exceed the proceeds of realising the property;

subsection (1) applies.

 (1) Subject to this section, the trustee may, notwithstanding that he or she has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation to it and notwithstanding, in the case of property the transfer of which is required by a law of the Commonwealth or of a State or Territory to be registered, that he or she has not become the registered owner of that property, by writing signed by him or her, at any time disclaim the property.

 (1A) Subject to this section, the trustee may at any time, by writing signed by him or her, disclaim any contract that forms part of the property of the bankrupt whether or not the trustee has endeavoured to assign the property or exercised any rights in relation to it.

 (2) A disclaimer under subsection (1) or (1A) operates to determine forthwith the rights, interests and liabilities of the bankrupt and his or her property in or in respect of the property disclaimed, and discharges the trustee from all personal liability in respect of the property disclaimed as from the date when the property vested in him or her, but does not, except so far as is necessary for the purpose of releasing the bankrupt and his or her property and the trustee from liability, affect the rights or liabilities of any other person.

 (3) If a trustee disclaims property whose transfer must be registered under a law of the Commonwealth or of a State or Territory, the trustee must give notice of the disclaimer as soon as practicable to the officer who has the function of registering the transfer.

 (4) A trustee is not entitled to disclaim a lease without the leave of the Court unless:

 (a) the trustee has given to the lessor and, if the bankrupt has sub‑let the whole or any part of the leased property or has mortgaged the lease, to each sub‑lessee or mortgagee, 28 days’ written notice of his or her intention to disclaim the lease; and

 (b) no person to whom the trustee has given such a notice has, within 28 days after it was given to the person, by written notice given to the trustee, required the trustee to apply to the Court for leave to disclaim the lease.