| Commentary

193.1 Application to the court and creditors’ right to object

| Commentary

193 Reduction of capital confirmed by the court

193.1 Application to the court and creditors’ right to object

If a company which has passed a resolution for reducing its share capital, is not able, or does not wish, to take advantage of the solvency statement procedure, it may instead apply to the court for an order confirming the reduction1. If the proposed reduction of capital involves either diminution of liability in respect of unpaid share capital or the payment to a shareholder of any paid-up share capital, certain creditors will normally have the right to object to the reduction unless the

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