Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

PART 1 - INTRODUCTION  

Division 1 - Introduction  

CLAUSE 1-1   OBJECT OF THIS SCHEDULE  

1-1(1)    
The object of this Schedule is to ensure that any person registered as a liquidator:

(a) has an appropriate level of expertise; and

(b) behaves ethically; and

(c) maintains sufficient insurance to cover his or her liabilities in practising as a registered liquidator.

1-1(2)    
The object of this Schedule is also:

(a) to regulate the external administration of companies consistently, unless there is a clear reason to treat a matter that arises in relation to a particular kind of external administration differently; and

(b) to regulate the external administration of companies to give greater control to creditors.