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 scheme approval, the court must be satisfied of compliance with convening orders, approval by requisite statutory majorities, satisfaction of all statutory requirements, fairness and reasonableness of the scheme, full disclosure to members, and that all relevant matters have been brought to the court's attention.
2An exemption from s 411(11) (annexation of court order to the company's constitution) is appropriate where the scheme does not involve modification of shareholders' or creditors' rights and annexation would serve no utility.
