588 Liability of subsequent holders of shares
Companies Act 2006 | Legislation

Supplementary provisions

588  Liability of subsequent holders of shares

(1)     If a person becomes a holder of shares in respect of which—

(a)     there has been a contravention of any provision of this Chapter, and

(b)     by virtue of that contravention another is liable to pay any amount under the provision contravened,

that person is also liable to pay that amount (jointly and severally with any other person so liable), subject as follows.

(2)     A person otherwise liable under subsection (1) is exempted from that liability if either—

(a)     he is a purchaser for value and, at the time of the purchase,

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