Section 483 of Insolvency Act CAP 53: Power of the Court to rescind contracts entered into by company in liquidation
(1) A person who is, as against the liquidator, entitled to the benefit or subject to the burden of a contract made with the company, may make an application for an order under subsection (2).
(2) On the hearing of an application made under subsection (1), the Court may make an order rescinding the contract on such terms as to payment by or to either party of damages for the nonperformance of the contract, or otherwise, as the Court considers appropriate.
(3) Damages payable to a person under the order are provable by the person as a debt in the liquidation.
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