191 Introduction

A company may wish to reduce its share capital for a variety of reasons, for example, where it has more capital than it actually needs or where the value of the company’s net assets has fallen below the amount of its capital as stated in the company’s accounts, and the position is likely to be permanent. A limited company having a share capital may reduce its share capital1:

  1. 191.1

        in the case of a private company limited by shares, by special resolution supported by a solvency statement; and

  2. 191.2

        in any case, by special

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