[(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
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