Commonwealth Consolidated Acts

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Object of Part

    The object of this Part, and Schedule   2 to the extent that it relates to this Part, is to provide for the business, property and affairs of an insolvent company to be administered in a way that:

  (a)   maximises the chances of the company, or as much as possible of its business, continuing in existence; or

  (b)   if it is not possible for the company or its business to continue in existence--results in a better return for the company's creditors and members than would result from an immediate winding up of the company.

Note:   Schedule   2 contains additional rules about companies under external administration.

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