683 Definitions for this Chapter
Companies Act 2006 | Legislation

Supplementary

683  Definitions for this Chapter

(1)     In this Chapter—

“distributable profits”, in relation to the giving of any financial assistance—

(a)     means those profits out of which the company could lawfully make a distribution equal in value to that assistance, and

(b)     includes, in a case where the financial assistance consists of or includes, or is treated as arising in consequence of, the sale, transfer or other disposition of a non-cash asset, any profit that, if the company were to make a distribution of that character would be available for that purpose (see section 846); and

“distribution” has the same

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