CORPORATIONS ACT 2001 - SECT 435A Object of Part

CORPORATIONS ACT 2001 - SECT 435A

    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.