721 Application to court to cancel resolution
Companies Act 2006 | Legislation

Objection to payment by members or creditors

721  Application to court to cancel resolution

(1)     Where a private company passes a special resolution approving a payment out of capital for the redemption or purchase of any of its shares—

(a)     any member of the company (other than one who consented to or voted in favour of the resolution), and

(b)     any creditor of the company,

may apply to the court for the cancellation of the resolution.

(2)     The application—

(a)     must be made within five weeks after the passing of the resolution, and

(b)     may be made on behalf of the persons entitled

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