(1) In this section "onerous property" means property (whether tangible or intangible) that is property of a company which is being wound up and that falls into one or more of the following categories:

(a) land of whatsoever kind burdened with onerous covenants;

(b) shares or stock in any company or undertaking;

(c) an unprofitable contract;

(d) any other property which is unsaleable or not readily saleable by reason of its binding the possessor of it to the performance of any onerous act or to the payment of any sum of money.

(2) Subject to subsections (4) and (7), the liquidator of the company concerned may, with the leave of the court and subject to the provisions of this section, by writing signed by him or her, at any time within the relevant period, disclaim onerous property; such leave may be granted by the court and the property disclaimed notwithstanding that the liquidator -

(a) has endeavoured to sell or has taken possession of the property, or