192 Private companies—reduction of capital supported by a solvency statement

192.1 Procedure

A private company may reduce its capital without the need for a court order, by supporting the special resolution for reduction of capital with a statement of the solvency of the company. To take advantage of this new procedure, the directors must make a solvency statement not more than 15 days before the date on which the resolution is passed, and the company must then duly register both the resolution and the solvency statement1.

A solvency statement is a statement in the prescribed form, stating the date on which it

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