The statutory and regulatory regime in Schedule 8 to the Corporations Regulations ordinarily requires each director to make a recommendation on a proposed scheme of arrangement, even where the director stands to receive a substantial financial benefit if the scheme is approved, provided the benefit is sufficiently disclosed. The approach in Re Gazal — that interested directors should as a general rule decline to make a recommendation — should not be followed. The critical safeguard is adequate disclosure, not abstention from recommending.
The full text is available to signed-in members, including the 94 later cases that cite this judgment.
4 of the 94 citing cases carry a classified treatment. How each court treated it is available to signed-in members.