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Insolvent Company
A company that cannot pay its debts as they come due or has liabilities exceeding its assets.
External Auditor
A professional firm or individual outside of an organization hired to examine its financial records and attest to the accuracy of its financial statements.
External Administration
External administration pertains to a process where an external person or entity is appointed to investigate, manage, and potentially restructure a financially distressed company's affairs to recover debts.
Corporation Act
Legislation governing the legal formation, operation, and regulation of companies.
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