Q&As

Is it possible for a public company to re-register as a private limited company, reduce its share capital using the solvency statement procedure, and then re-register again as public?

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Published on LexisPSL on 28/03/2017

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • Is it possible for a public company to re-register as a private limited company, reduce its share capital using the solvency statement procedure, and then re-register again as public?

Is it possible for a public company to re-register as a private limited company, reduce its share capital using the solvency statement procedure, and then re-register again as public?

A limited company may carry out a reduction of capital in accordance with Chapter 10 of Part 17 of the Companies Act 2006 (CA 2006). Such a reduction of capital may be carried out by a special resolution supported by a solvency statement (the solvency statement procedure) or by a special resolution confirmed by court order (the court procedure).

To reduce its share capital under CA 2006, Pt 17, Ch 10:

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