Takeovers Act 1993

Miscellaneous - Reimbursement of expenses incurred in connection with offer or takeover notice

51: Appeals against Panel’s determination

You could also call this:

"Challenging the Panel's decision about takeover expenses"

You can appeal to the High Court if you disagree with the Panel's decision about reimbursing expenses for a takeover notice. You might be the director or the target company and you want to appeal against the Panel's decision for the purposes of section 48(2)(b). The target company or the offeror can also appeal against the Panel's decision for the purposes of section 49(2)(b). You must make your appeal within 21 days of being told about the Panel's decision. The High Court can allow a longer time if it wants to. When you appeal, the High Court will make a decision about your appeal. The High Court can dismiss your appeal or give directions about what should happen next. It can also make its own decision about the matter. You will have to wait for the High Court's decision to find out what happens next.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7205316.

This page was last updated on 12 December 2025 — View changes

Topics:

Money and consumer rights > Consumer protectionBusiness > Industry rules

50: Determinations by Panel of amount to be reimbursed, or

"The Panel decides how much money you get back"

52: Enforcement of agreement of amount to be reimbursed, or

"Getting back agreed money through the court"

Part 4Miscellaneous
Reimbursement of expenses incurred in connection with offer or takeover notice

51Appeals against Panel’s determination

The director or the target company may appeal to the High Court against the Panel’s determination for the purposes of section 48(2)(b).
The target company or the offeror may appeal to the High Court against the Panel’s determination for the purposes of section 49(2)(b).
An appeal under this section must be made—
within 21 days of the date on which the appellant was notified of the Panel’s determination; or
within any longer time allowed by the High Court.

The High Court must determine the appeal by either dismissing the appeal or giving such directions or making such determination in the matter as it thinks fit.

Notes

Section 51: inserted, on 31 March 2017, by section 132 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).