Section 411(16) of the Corporations Act 2001 (Cth) empowers the court to restrain future proceedings against a company, not merely further steps in existing proceedings, contrary to Re Reid Murray Acceptance Ltd [1964] VR 82. Part 5.1 and s 411 are properly characterised as insolvency legislation, conferring jurisdiction to approve schemes that modify obligations governed by foreign law. Where bonds are held through a depository trust company and custodians equivalent to bare trustees, beneficial owners are entitled to vote. The result of a ballot under Part 5.1 will only be adjusted after declaration in exceptional circumstances.
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