What is the notification period for members and creditors before a meeting regarding a Scheme of Arrangement?

The notification period for members and creditors before a meeting regarding a Scheme of Arrangement is set at 21 days. This period is stipulated to ensure that all involved parties have sufficient time to prepare for the meeting, which is crucial for discussions that may affect their rights and interests. It allows members and creditors to review the scheme details, consider the implications, and formulate any questions or remarks they might wish to express during the meeting.

In the context of regulatory frameworks, adhering to this notification period is significant for maintaining transparency and enabling informed participation. Other durations, such as 14 days, 28 days, or 30 days, do not comply with the requirements typically outlined in relevant corporate regulation guidelines or practices regarding Schemes of Arrangement. Consequently, 21 days represents the standard timeframe that balances the need for promptness with the necessity for adequate notice.