Section 836(2)

The relevant accounts are the company's last annual accounts, except that— where the distribution would be found to contravene this Part by reference to the company's last annual accounts, it may be justified by reference to interim accounts, and where the distribution is proposed to be declared during the company's first accounting reference period, or before any accounts have been circulated in respect of that period, it may be justified by reference to initial accounts.

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