Versions

 

4. Private company limited by shares

(1) If a private company limited by shares reduces its share capital and the reduction is supported by a solvency statement but has not been the subject of an application to the court for an order confirming it —
(a) the prohibition in section 595(1) does not apply; and
(b) a reserve arising from the reduction is to be treated for the purposes of Part 22 as a realised profit.