Section 178

any interest in land which is burdened with onerous covenants;

shares in corporations;

unprofitable contracts; or

any other asset that is not saleable or not readily saleable, by reason of its binding the possessor thereof to the performance of any onerous act or to the payment of any sum of money, the conservator may within twelve months after he becomes aware of any of the abovementioned asset, disclaim any such asset.

The rights of any person affected by the conservator pursuant to the exercise of his power to disclaim under subsection (1) shall be dealt with in the manner set out in the proposal and any compensation to such person shall rank as an unsecured debt.

The conservator may not exercise his power under subsection (1) to disclaim any market contract.

For the purpose of subsection (3), a “market contract” has the same meaning as defined in the Capital Markets and Services Act 2007

and shall include futures contracts traded on derivatives market that are cleared through an approved clearing house.

Moratorium