(1) An arrangement is any written arrangement, agreement, contract, understanding or undertaking:
(a) whether or not it is legally binding; and
(b) whether or not it is made in Australia; and
(c) whether it is entered before, on or after the commencement day.
(2) An arrangement is legally binding if any of the provisions of the arrangement confer legal rights or impose legal obligations that are legally enforceable under an Australian law or a foreign law.