Section 642(1)

A resolution for reducing share capital of a private company limited by shares is supported by a solvency statement if— the directors of the company make a statement of the solvency of the company in accordance with section 643 (a “solvency statement”) not more than 15 days before the date on which the resolution is passed, and the resolution and solvency statement are registered in accordance with section 644.

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Source: legislation.gov.uk · retrieved 2026-09-04