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Commentary

56.2 Scheme of reconstruction

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

56.2 Scheme of reconstruction

| Commentary

56.2 Scheme of reconstruction

Broadly, a scheme is a ‘scheme of reconstruction’ for these purposes provided that the following two conditions are satisfied1:

  1. 56.2.1

        the scheme involves the issue of ordinary share capital in a company or companies (the ‘successor company’ or ‘successor companies’) to the holders of ordinary share capital (or particular classes of ordinary share capital) in one or more other companies (the ‘original company’ or ‘original companies’); and

  2. 56.2.1

        all shareholders in the ordinary share capital in the original company or companies, or in the same class have the same entitlement to ordinary share capital in the

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