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This refers to property where there is no apparent owner and no claimant. This could be property remaining in the hands of a liquidator when a company has been dissolved. Such property passes automatically to the Crown or the Royal Duchies of Lancaster or Cornwall. They could also disclaim it, and then its ultimate destination would depend on the nature of the property: shares would be surrendered to the company; land would probably be compulsorily acquired by a local authority. A liquidator may need to apply to a court for direction.
Reference: The Penguin Business Dictionary, 3rd edt.
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