Sanctioning Schemes of Arrangement: The Need for Granting the Court a Curative Power

This article debates the desirability of granting the courts a statutory curative power to cure errors in classing claimholders for the purposes of scheme of arrangement meetings. At common law, the court does not have jurisdiction to sanction a scheme if the meeting(s) held was/were incorrectly classed. This article will reveal that the above-mentioned rule is doctrinally problematic and serves little useful purpose, and will argue that the best way to neutralise that rule is to confer a curative power on the court.