A "better outcome" and safe harbour – what does it look like in practice?

Central to the operation of the safe harbour "carve-out" for insolvent trading (and the sale of assets amidst economic distress) is the better outcome test.

But what, practically, does "better outcome" mean? How is it assessed in real time? How often must assumptions be re-assessed? What might a subsequently appointed liquidator consider when determining whether the better outcome test was truly satisfied?