s 233 Order under section 232 in relation to leaseholds
233.—(1) The Court must not make an order under section 232 vesting property of a leasehold nature in any person claiming under the company as sub‑lessee or mortgagee except on terms making that person —(a) subject to the same liabilities and obligations as the company was subject to under the lease at the commencement of the judicial management or winding up; or (b) if the Court thinks fit, subject to the same liabilities and obligations as that person would be subject to if the lease had been assigned to that person at the commencement of the judicial management or winding up. (2) The Court must not make an order under section 232 vesting part of any property comprised in a lease in any person claiming under the company as sub‑lessee or mortgagee except on terms making that person —(a) subject to the same liabilities and obligations as the company was subject to under the lease in relation to that part of the property at the commencement of the judicial management or winding up; or (b) if the Court thinks fit, subject to the same liabilities and obligations as that person would be subject to if the lease in relation to that part of the property had been assigned to that person at the commencement of the judicial management or winding up. (3) Where subsection (1) applies and no person claiming under the company as sub-lessee or mortgagee is willing to accept an order under section 232 on the terms mentioned in subsection (1), the Court may (by order under section 232) vest the company’s estate or interest in the property in —(a) any person who is liable (whether personally or in a representative capacity, and whether alone or jointly with the company) to perform the lessee’s covenants in the lease; or (b) such person mentioned in paragraph (a) freed and discharged from all estates, encumbrances and interests created by the company. (4) Where subsection (1) applies and a person claiming under the company as sub-lessee or mortgagee declines to accept an order under section 232, that person is excluded from all interest in the property.