ACC20013 Lecture Notes - Lecture 10: Corporations Act 2001, Secured Creditor, Electric Charge
Document Summary
After studying this presentation you should be able to: describe the meaning of insolvency and identify the requirements imposed on an administrator of an insolvent company. The corporations act 2001 (cwlth) chapter 5 external administration adopts the policy of doing everything possible to keep a company in existence. The act contains several provisions in relation to. Appointment of receivers and other controllers for satisfaction of certain creditors" claims (part 5. 2) - a receiver may be appointed by a court or by secured creditors to protect the security of those creditors. Appointment of an administrator of a company"s affairs with a view to executing a deed of arrangement with creditors, without liquidation of the company (part 5. 3a). If these fail, then liquidation is inevitable, and the requirements for liquidation are contained in parts 5. 4 5. 6 of the act in relation to companies. The main intention of the corporations act 2001 is to treat liquidation of a company as a last resort.
