Any distribution out of assets of the company1, other than a dividend or a capital dividend, whether in cash or otherwise, in respect of shares in the company2 is a distribution, except so much of it, if any, as represents repayment of capital on the shares3 or is, when it is made, equal in amount or value to any new consideration received by the company for the distribution4.
'New consideration' means consideration not provided directly or indirectly out of the assets of the company, and in particular does not include amounts retained by the company by way of capitalising a
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234