The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 No. 2022

Reduction of capital: creditor protection

3.  In section 646(1) of the Companies Act 2006 (application to court for order confirming reduction of share capital: creditors entitled to object)—

(a) after “who” insert “— (a)”, and

(b) after “admissible in proof against the company” insert—

“, and

(b) can show that there is a real likelihood that the reduction would result in the company being unable to discharge his debt or claim when it fell due,”.