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2. Purpose of administration

(1) The administrator of a Company must perform his functions with the objective of —
(a) rescuing the Company as a going concern;
(b) achieving a better result for the Company's creditors as a whole than would be likely if the Company were wound up (without first being in administration); or
(c) realising property in order to make a distribution to one or more secured or preferential creditors.
(2) Subject to subsection (4), the administrator of a Company must perform his functions in the interests of the Company's creditors as a whole.
(3) The administrator of a Company must perform his functions with the objective specified in subsection (1)(a) unless he thinks either —
(a) that it is not reasonably practicable to achieve that objective; or
(b) that the objective specified in subsection (1)(b) would achieve a better result for the Company's creditors as a whole.
(4) The administrator of a Company may perform his functions with the objective specified in subsection (1)(c) only if —
(a) he thinks that it is not reasonably practicable to achieve either of the objectives specified in subsection (1)(a) and (b); and
(b) he does not unnecessarily harm the interests of the creditors of the Company as a whole.