Section 735(5)

Subsection (4) does not apply if— the terms provided for the redemption or purchase to take place at a date later than that of the commencement of the winding up, or during the period— the company could not at any time have lawfully made a distribution equal in value to the price at which the shares were to have been redeemed or purchased. beginning with the date on which the redemption or purchase was to have taken place, and ending with the commencement of the winding up,

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