The Australian Takeovers Panel (‘the Panel’) became the primary forum for resolving takeover disputes in the context of corporate law on 13 March 2000. This resulted from the implementation of the reforms in the Corporate Law Economic Reform Program Act 1999 (Cth) (‘CLERP reforms’). In replacing the previous role of the courts with the Panel, the CLERP reforms sought to inject legal and commercial specialist expertise into takeover dispute resolution, provide ‘speed, informality and uniformity’ in decision-making, minimise ‘tactical litigation’ and free up court resources.
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(2017) 40(2) UNSWLJ 460: https://doi.org/10.53637/NHAK6155
- These reforms were implemented in light of the policy aims set out in the proposals paper entitled Corporate Law Economic Reform Program, ‘Takeovers: Corporate Control: A Better Environment for Productive Investment’ (Paper No 4, 1997) (‘CLERP Report 4’) 7–8. See also Corporations Act s 659AA.
- CLERP Report 4, above n 1, 32. See also Explanatory Memorandum, Corporate Law Economic Reform Program Bill 1998 (Cth) 38.