Hong Kong Regulations

COMPANIES (WINDING-UP) RULES - RULE 64

Vesting of disclaimed property

VESTING OF DISCLAIMED PROPERTY

(1) Any application under subsection (6) of section 268 of the Ordinance for
an order for the vesting of any disclaimed property in or the delivery of any
such property to any persons shall be supported by the affidavit filed on the
application for leave to disclaim such property.

(2) Where such an application as aforesaid relates to disclaimed property of a
leasehold nature and it appears that there is any under-lessee of such
property or person entitled to a mortgage or charge in respect thereof, the
court may direct that notice shall be given to such under-lessee or person so
entitled that, if he does not elect to accept and apply for such a vesting
order as aforesaid upon the terms required by the above-mentioned subsection
and imposed by the court within a time to be fixed by the court and stated in
the notice, he will be excluded from all interest in and security upon the
property and the court may adjourn the application for such notice to be given
and for such under-lessee or person so entitled to be added as a party to and
served with the application and, if he sees fit, to make such election and
application as is mentioned in the notice. If at the expiration of the time so
fixed by the court such under-lessee or person so entitled fails to make such
election and application, the court may make an order vesting the property in
the applicant and excluding such under-lessee or person so entitled from all
interest in or security upon the property. (L.N. 201 of 1984) [cf. R. 74]