22Management during winding up period

#### 22 Management during winding up period 22 Management during winding up period > Subject to the provisions of Part 3 and this Part, each liable entity is to be managed during the winding up period for the entity in accordance with any applicable provisions of the Corporations Act or any other legislation, the constitution of the entity and the general law. > > Note— > > The provisions of the Corporations Act continue to apply to the liable entities as a federal law, except to the extent that the operation of the Corporations Act is displaced by the operation of this Part. > > Section 21 provides that a liable entity may only be wound up as provided by this Part. Section 60 displaces the operation of Chapter 5 (External administration) and other provisions of the Corporations Act in favour of the provisions of this Part.