[(1) The provisions of this Part apply where conditions A and B are met in relation to a company.
(2) Condition A is that the company has encountered, or is likely to encounter, financial difficulties that are affecting, or will or may affect, its ability to carry on business as a going concern.
(3) Condition B is that—
(a) a compromise or arrangement is proposed between the company and—
(i) its creditors, or any class of them, or
(ii) its members, or any class of them, and
(b) the purpose of the compromise or arrangement is to eliminate, reduce or prevent, or
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