CODEWORD

The Panel has published its Guidance Note on Schemes of Arrangement and Amalgamations under Part 15 of the Companies Act 1993 in advance of the Companies and Limited Partnerships Amendment Bill being passed into law. At this stage, the Panel does not have an indication of when the Bill might be passed. The Guidance Note outlines the process for applying for the no objection statement required by proposed new section 236A of the Companies Act.

The Guidance Note is expressed as if the Bill has been enacted.

The Panel views schemes as a legitimate and valuable means for undertaking complex corporate transactions in New Zealand. Until the Bill is passed, the Panel will aim to facilitate schemes by granting exemptions from the Code, on the condition that the no objection statement process outlined in the Guidance Note is followed.

The Guidance Note can be found here.