For the financial promotions regime to apply, there must be a communication made to the shareholders, or debenture or loan stock holders, of the transferor company inviting them to enter into a sale or purchase agreement. This will not occur where a company reorganisation is carried out either:
by a liquidator in the context of a voluntary liquidation under the provisions of Section 110 of the Insolvency Act 19861; or
by means of a scheme of arrangement under Part 26 of the Companies Act 20062.
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