| Abstract: | In 1992 the Federal Government of Australia introduced the voluntary procedure administration as an option for a company in financial difficulties. In the same year the Canadian Parliament introduced legislation with the same objective. The precursor to both Australian and Canadian initiatives is the American Chapter 11 procedure. However there are some significant differences between the approaches adopted. These differences are outlined as a precursor to an analysis of selected policies behind business rescue laws. By considering the aim of the legislation and objective criteria against which the legislation could be assessed the authors conclude that the Australian procedure is preferable to both its Canadian and American counterparts. Part II of this article will appear in the next issue of IIR. |
