Where ASIC provides a no objection statement under s 411(17)(b), the existence of the proscribed purpose (enabling avoidance of Chapter 6) may be a factor in the court's discretion under s 411(4)(b), but the no objection statement is a factor of equal or similar weight tending to establish the proscribed purpose is not of particular significance. The proscribed purpose is not necessarily an adverse factor against approval. The court left open whether it must independently investigate the proscribed purpose and whether the proponent must put all relevant material before the court.
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