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
1The court's power under s 411(6) of the Corporations Act 2001 (Cth) to approve a scheme subject to alterations is not limited to alterations that are immaterial, insubstantial or insignificant, but is circumscribed only by the requirement that the court considers the alteration just.
2An inadvertent failure to issue a non-statutory shareholder communication required by convening orders does not give rise to a procedural irregularity for the purposes of the Act where it had no significant impact on the conduct of the scheme.
3Compliance with s 411(11) of the Act need not be required where the scheme does not involve any modification of the rights of shareholders, creditors or persons dealing with the company.
