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Companies Act 2006

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Changes over time for: Cross Heading: Relaxation of restrictions

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Changes to legislation:

Companies Act 2006, Cross Heading: Relaxation of restrictions is up to date with all changes known to be in force on or before 25 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1Relaxation of restrictionsU.K.

Textual Amendments

F1Schs. 1A, 1B inserted (26.5.2015 for specified purposes, 6.4.2016 in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 3 para. 2; S.I. 2015/1329, reg. 3(a); S.I. 2015/2029, reg. 4(a)

8(1)An application may be made to the court for an order directing that the relevant interest cease to be subject to restrictions.U.K.

(2)An application for an order under this paragraph may be made by the company in question or by any person aggrieved.

(3)The court must not make an order under this paragraph unless—

(a)it is satisfied that the information required by the notice served under section 790D [F2or 790E] [F2, 790DA, 790E or 790EA] has been disclosed to the company and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure, or

(b)the relevant interest is to be transferred for valuable consideration and the court approves the transfer.

(4)An order under this paragraph made by virtue of sub-paragraph (3)(b) may continue, in whole or in part, the restrictions mentioned in paragraph 3(1)(c) and (d) so far as they relate to a right acquired or offer made before the transfer.

(5)Where any restrictions continue in force under sub-paragraph (4)—

(a)an application may be made under this paragraph for an order directing that the relevant interest cease to be subject to those restrictions, and

(b)sub-paragraph (3) does not apply in relation to the making of such an order.]

Textual Amendments

F2Words in Sch. 1B para. 8(3)(a) substituted (26.10.2023 for specified purposes, 4.3.2024 for specified purposes) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 2 para. 20(2)(b); S.I. 2024/269, reg. 2(z10)

Modifications etc. (not altering text)

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