The course examines the theory and practice of corporate insolvency focussing on company receivership and liquidation. It covers the winding up of a corporation, the appointment of a provisional liquidator, the powers and duties of the receiver and manager, the operation of the administration procedures under the Corporation Law (with UK analogies), and the powers and duties of the liquidator including an examination of the realisation and distribution of the corporation's assets, the position of unsecured creditors, and the potential liability of a corporation's controllers. Reference will be made, as appropriate, to the insolvency regimes in force in other countries, and to the theoretical difficulties in loss sharing in 'common pool' activities.