CORPORATIONS — arrangements and reconstructions — schemes of arrangement or compromise — application under s 411 of the Corporations Act 2001 (Cth) for orders approving scheme of arrangement and ancillary orders
Quick Take
1At the second court hearing for approval of a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth), the court must be satisfied of compliance with convening orders, passage of the resolution by requisite majorities, satisfaction of statutory requirements and conditions precedent, and that the scheme is fair and reasonable such that an intelligent and honest member, properly informed and acting alone, might approve it.
2An exemption from compliance with s 411(11) of the Corporations Act 2001 (Cth) (annexation of court order to the company's constitution) may be granted where the scheme does not involve modification of rights of shareholders, creditors or persons dealing with the company, rendering annexation of no utility.
