ABSTRACT
This chapter addresses the comparative necessity of Australia's corporate regime. A notable feature of corporate legislative development in Western countries for the past 30 years is the various mechanisms introduced to facilitate the survival of company structures facing insolvency. The provisions contained within Part 5.3A are first drafted and designed to be a functioning part of the general corporate insolvency provisions contained within the Australian legislation. Australia's corporate rescue version, called a 'voluntary administration', is now contained in Part 5.3A of the Corporations Act 2001, although first introduced in 1993. The most common approach taken to justify insolvency legislation in Australia is to list objectives or principles of insolvency legislation, which it is argued the law ought to reflect. In the United States, this approach manifests itself into a more comprehensive and internally consistent view that states that these objectives represent society's values in respect of insolvency.
