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Receivership
The first form of external administration prescribed by the Corporations Act. Receivership involves a receiver, receiver–manager or controller being appointed by a court or by secured creditors in order to protect the security of those creditors.
Liquidation
The third form of external administration prescribed by the Corporations Act. The process whereby a company is dissolved, at which point the company ceases to be a legal entity.
Liquidator
An external administrator appointed to dissolve the company.
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