Q:

What is a vesting order?

A:

Quick Answer

A vesting order occurs when a trustee or liquidator disclaims property and opens it up to others to gain ownership. Those people who are interested in it can apply to the court for ownership.

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Full Answer

Within 3 months of the trustee or liquidator disclaiming the property, interested parties must file a vesting order. This order serves as an application that expresses intent and includes the type of property they wish to obtain, the date the applicant became aware of the disclaimer, and also provides details about the vesting order and what they hope to accomplish. To finalize the vesting order, there will be a hearing date set by the court to make the final decision.

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