Where the property disclaimed is held under a lease the court must not make a vesting order in favour of a person claiming under the company, whether—
except on the following terms.
A sub-lessee or creditor declining to accept a vesting order on such terms is excluded from all interest in and security over the property.
If there is no person claiming under the company who is willing to accept an order on such terms, the court has power to vest the company's estate and interest in the property in any person liable (either personally or in a representative character, and either alone or jointly with the company) to perform the lessee's obligations under the lease.
The court may vest that estate and interest in such a person freed and discharged from all interests, rights and obligations created by the company in the lease or in relation to the lease.
For the purposes of this section a heritable security—