Rules of the Superior Courts (Takeover Schemes) 2005
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Rules shall come into operation on the 5th day of December 2005.
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paragraphs: These Rules shall be construed together with the Rules of the Superior Courts 1986 to 2005 and may be cited as the Rules of the Superior Courts (Takeover Schemes) 2005.
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paragraphs: Order 75 of the Rules of the Superior Courts is hereby amended:
(i) By the substitution therein for the definitions of “the Acts” and “the Principal Act” of the following definitions respectively:
“ “the Acts” means the Companies Acts 1963 to 2005;
“the Principal Act” means the Companies Act 1963 , as amended;”
(ii) by the insertion immediately following rule 23 of that Order, of the following:
“X. Takeover Schemes
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paragraphs: (1) This rule applies to any applications or proceedings involving:
(a) the exercise, or a request for the exercise, by the Court of its powers under section 201 or section 203 of the Principal Act with respect to a compromise or scheme of arrangement proposed between a “relevant company”, within the meaning of the Irish Takeover Panel Act 1997 , and its members or any class of its members which constitutes a takeover within the meaning of that Act;
(b) the exercise, or a request for the exercise, by the Court of its powers under section 204 of the Principal Act with respect to a scheme, contract or offer of the kind referred to in section 204, and which constitutes a takeover within the meaning of the Irish Takeover Panel Act 1997 ; and
(c) the granting, or a request for the granting, by the Court of any other relief in support of, or for the purpose of giving effect to, such a compromise or scheme of arrangement or scheme, contract or offer.
In this rule, any such applications or proceedings are referred to as “takeover scheme proceedings”.
(2) The originating document in any takeover scheme proceedings shall contain a statement that the proceedings are takeover scheme proceedings within the meaning of this rule.
(3) The applicant or other moving party in any takeover scheme proceedings shall notify the Irish Takeover Panel (in this rule referred to as “the Panel”) of any motion, petition or other application made in takeover scheme proceedings, and shall provide the Panel with true copies of any motion, petition, or other application, and any affidavit, exhibit or other document filed or delivered in support of such application, promptly upon the filing or delivery of the same. The applicant or moving party shall provide the Panel with particulars of the terms of any order made by the Court on any motion, petition or other application in any takeover scheme proceedings promptly upon the making of such order, and with a true copy of such order promptly upon the perfection of the same.
(4) The Panel shall be at liberty to be heard in takeover scheme proceedings and may apply to the Court for that purpose.
(5) For the purpose of section 201(6B) of the Principal Act (inserted by section 92 of the Company Law Enforcement Act 2001 ), the Court may, in any takeover scheme proceedings, direct the Registrar to invite the Panel to provide to the Court, in such form as the Court may request, any report or other information which appears relevant to the exercise of the Court's jurisdiction concerning the compromise or scheme of arrangement (or, as the case may be, the scheme, contract or offer which is the subject of the takeover scheme proceedings, and may give such directions as seem to it just and proper as to the transmission of a copy of such report or information to the applicant in the takeover scheme proceedings and to any other party to, or person interested in, those proceedings.”
EXPLANATORY NOTE
(This does not form part of the instrument and does not purport to be a legal interpretation)
These Rules amend Order 75 of the Rules of the Superior Courts.