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1 Legal framework
1.1 What domestic legislation governs restructuring and insolvency matters in your jurisdiction?
Insolvency law in Australia is largely statute based, governed by the Corporations Act 2001 (Cth). The relevant corporate insolvency provisions are prescribed in Chapter 5 of the act. Further, there are specific insolvency-related provisions in the Insolvency Practice Schedule (Corporations) in Schedule 2 of the act, along with the Insolvency Practice Rules (Corporations) 2016 detailing specific procedures in the event of external administrations.
Pursuant to the Corporations Act, an Australian company is…
