424Court need not approve compromise or arrangement takeovers

424 Court need not approve compromise or arrangement takeovers

424 Court need not approve compromise or arrangement takeovers

(1) The Supreme Court need not approve a compromise or arrangement unless—

(a) it is satisfied the compromise or arrangement has not been proposed for enabling a person to avoid the operation of any provision of Division 2 of Part 3.5; and

(b) there is produced to the court a written statement by the Registrar stating the Registrar has no objection to the compromise or arrangement.

(2) The Supreme Court need not approve a compromise or arrangement merely because a statement by the Registrar stating the Registrar has no objection to the compromise or arrangement has been produced to the court.