IVA.co.uk

Onerous Property

The term onerous property in the context of a liquidation or bankruptcy, applies to unprofitable contracts and to property that is unsaleable or not easily saleable or that might give rise to a continuing liability. Such property can be disclaimed by a liquidator or a trustee in bankruptcy.

(Please Note: The definitions are not intended to be exhaustive summaries of the Law. They are based on material from The Insolvency Act 1986 , and other Acts dealing with this subject.)

<Back to the glossary