589. Court order confirming reduction

Past version: effective from 14/06/2015 - 13/06/2015
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(1) The Court may make an order confirming the reduction of capital on such terms and conditions as it thinks fit.
(2) The Court must not confirm the reduction unless it is satisfied, with respect to every creditor of the company who is entitled to object to the reduction of capital that either—
(a) his consent to the reduction has been obtained, or
(b) his debt or claim has been discharged, or has determined or has been secured.
(3) Where the Court confirms the reduction, it may order the company to publish (as the Court directs) the reasons for reduction of capital, or such other information in regard to it as the Court thinks expedient with a view to giving proper information to the public, and (if the Court thinks fit) the causes that led to the reduction.
(4) The Court may, if for any special reason it thinks proper to do so, make an order directing that the company must, during such period (commencing on or at any time after the date of the order) as is specified in the order, add to its name as its last words the words "and reduced".

If such an order is made, those words are, until the end of the period specified in the order, deemed to be part of the company's name.