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Companies Act 1989

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Point in time view as at 01/02/1991.

Changes over time for: Cross Heading: Special provisions where company is parent company or subsidiary undertaking

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Version Superseded: 06/04/2008

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Special provisions where company is parent company or subsidiary undertakingE+W+S+N.I.

11(1)For the heading to Part IV (special provisions where the company is a holding or subsidiary company) substitute—

Part IVE+W+S+N.I. Special Provisions Where Company is a Parent Company or Subsidiary Undertaking.

(2)In that Part for paragraph 59 substitute—

59 Dealings with or interests in group undertakings

Where a company is a parent company or a subsidiary undertaking and any item required by Part I of this Schedule to be shown in the company’s balance sheet in relation to group undertakings includes—

(a)amounts attributable to dealings with or interests in any parent undertaking or fellow subsidiary undertaking, or

(b)amounts attributable to dealings with or interests in any subsidiary undertaking of the company,

the aggregate amounts within paragraphs (a) and (b) respectively shall be shown as separate items, either by way of subdivision of the relevant item in the balance sheet or in a note to the company’s accounts..

(3)After that paragraph insert—

59A Guarantees and other financial commitments in favour of group undertakings

Commitments within any of sub-paragraphs (1) to (5) of paragraph 50 (guarantees and other financial commitments) which are undertaken on behalf of or for the benefit of—

(a)any parent undertaking or fellow subsidiary undertaking, or

(b)any subsidiary undertaking of the company,

shall be stated separately from the other commitments within that sub-paragraph, and commitments within paragraph (a) shall also be stated separately from those within paragraph (b)..

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