Section 682(4)

For this purpose— the amount of both assets and liabilities shall be taken to be as stated in the company's accounting records immediately before the financial assistance is given, and “liabilities” includes any amount retained as reasonably necessary for the purpose of providing for a liability the nature of which is clearly defined and that is either likely to be incurred or certain to be incurred but uncertain as to amount or as to the date on which it will arise.

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