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Commentary

333 Third purpose: realising property in order to make a distribution to one or more secured or preferential creditors

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2) | Commentary

333 Third purpose: realising property in order to make a distribution to one or more secured or preferential creditors

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2) | Commentary

333 Third purpose: realising property in order to make a distribution to one or more secured or preferential creditors

The third purpose is realising property in order to make a distribution to one or more secured or preferential creditors1. This purpose is new and appears to be differentiated from the second purpose principally to introduce the qualification that the administrator may perform his functions with this objective only if2:

  1. 333.1

        he thinks that it is not reasonably practicable to achieve either the first purpose or the second purpose, and

  2. 333.2

        he does not unnecessarily harm

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