(1) This section applies to a private company limited by shares—
(a) that on 25th February 1982—
(i) was registered in Great Britain, and
(ii) had a name that, by virtue of a licence under section 19 of the Companies Act 1948 (c 38) (or corresponding earlier legislation), did not include the word “limited” or any of the permitted alternatives, or
(b) that on 30th June 1983—
(i) was registered in Northern Ireland, and
(ii) had a name that, by virtue of a licence under section 19 of the Companies Act (Northern Ireland) 1960 (c 22 (NI)) (or corresponding earlier legislation),
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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