| Popis: |
The powers of liquidators and trustees in bankruptcy to disclaim onerous property may be categorized as avoidance powers, in that they enable a transaction that a debtor has entered into to be set aside. They are, however, unconventional avoidance powers in that they do not enable the augmentation of the assets available for creditors: rather they are aimed at the disposal of assets. Moreover, it is perhaps stretching the definition of the term ‘avoidance provision’ to include the right of disclaimer, which is an administrative provision in nature, aimed at enabling the office holder to complete the administration of the liquidation or bankruptcy without being burdened by onerous property, such as unprofitable contracts or assets that are of no value to the estate. However, it may be argued that a further aim of the powers is in accordance with the general aims of many of the avoidance provisions: namely, to prevent needless depletion of the debtor’s assets by the continuance of contracts that are unprofitable or that give rise to liabilities. |
