280 Disclaimer

(1) In this section, „onerous property“ means —

(a) an unprofitable contract; or

(b) property of the company that is unsaleable, or not readily
saleable, or that may give rise to a liability to pay money or
perform an onerous act.

(2) Subject to subsection (3), the Minister may, by notice in writing
published in the Gazette, disclaim the Government of Seychelles‘ title to
onerous property which vests in the Government of Seychelles under
section 279.

(3) A statement in a notice disclaiming property under this section that the
vesting of the property in the Government of Seychelles first came to the
notice of the Minister on a specified date shall, in the absence of proof to
the contrary, be evidence of the fact stated.

(4) Unless the Court, on the application of the Minister, orders otherwise, the
Minister is not entitled to disclaim property unless the property is
disclaimed —

(a) within twelve months of the date upon which the vesting of the
property under section 279 came to the notice of the Minister; or

(b) if any person interested in the property gives notice in writing to
the Minister requiring him to decide whether he will or will not
disclaim the property, within three months of the date upon
which he received the notice,

whichever occurs first.

(5) Property disclaimed by the Minister under this section is deemed not to
have vested in the Government of Seychelles under section 279.


(6) A disclaimer under this section —

(a) operates so as to terminate, with effect from immediately prior
to the dissolution of the company, the rights, interests and
liabilities of the company in or in respect of the property
disclaimed; and

(b) does not, except so far as is necessary to release the company
from liability, affect the rights or liabilities of any other person.

(7) A person suffering loss or damage as a result of a disclaimer under this
section —

(a) shall be treated as a creditor of the company for the amount of
the loss or damage, taking into account the effect of any order
made by the Court under subsection (8); and

(b) may apply to the Court for an order that the disclaimed property
be delivered to or vested in that person.

(8) The Court may, on an application made under subsection (7)(b), make an
order under that paragraph if it is satisfied that it is just for the disclaimed
property to be delivered to or vested in the applicant.