Section 653(1)

This section applies where, in the case of a reduction of capital confirmed by the court— a creditor entitled to object to the reduction of share capital is by reason of his ignorance— not entered on the list of creditors, and of the proceedings for reduction of share capital, or of their nature and effect with respect to his debt or claim, after the reduction of capital the company is unable to pay the amount of his debt or claim.

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