Rule 3 - Application for order of a meeting

Applications for meetings under company compromise rules require prescribed forms, disclosures, class identification and takeover valuation safeguards.

Rule 3 requires an application for an order of a meeting in the prescribed form with notice of admission, affidavit, the scheme containing section 230(2) disclosures, and fee; allows joint applications where multiple companies are involved; mandates service on the company or liquidator if the company is not the applicant at least fourteen days before hearing; requires disclosure of the basis for classifying members or creditors; and, for member-initiated takeover offers where members hold not less than three-fourths of voting equity, requires a registered valuer's report and deposit of at least one-half of the offer consideration in a separate bank account.