Australian insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is principally governed by the Corporations Act 2001. Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals.[1] Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors, creditors and the wider community when debtors are unable to meet their financial obligations. The aim of the legislative provisions is to provide:[2]
an orderly and fair procedure to handle the affairs of insolvent companies;
to ensure a pari passu equal distribution of the assets amongst creditors;
to ensure claims against the insolvent company are resolved with the minimum of delay and expense;
to rehabilitate financially distressed companies and businesses where viable;
to engage with key stakeholders in the resolution of insolvency issues; and
providing for the examination of insolvent companies and their representatives, and the reasons for their failure.
^"A Guide to Bankruptcy Laws". Fox Symes. Retrieved 28 June 2015.
^Swaab Attorneys (18 May 2009). "Australia: An Introduction To Insolvency Law - Part One". Mondaq. Retrieved 25 June 2015.
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