174Disclaimer of onerous property

#### 174 Disclaimer of onerous property (1) A judicial manager has the same power to disclaim property of a life company as a liquidator of the company would have under the Corporations Act 2001. (2) For the purpose of subsection (1), Division 7A of Part 5.6 of the Corporations Act 2001 is to be read as if: (a) any reference to a liquidator were a reference to a judicial manager; and (b) subsection 568(10) of that Act were omitted; and (c) a reference in subsection 568B(3) or 568E(5) to the company’s creditors were a reference to the owners of policies issued by the company. (3) A disclaimer by a judicial manager has the same effect, and the judicial manager is under the same obligations, as if the disclaimer had been made under Division 7A of Part 5.6 of the Corporations Act 2001.