Section 840(4)

For the purpose of applying subsection (2)(b) in relation to any financial assistance— taking the amount of the assets and liabilities to be as stated in the company's accounting records immediately before the financial assistance is given. “net assets” means the amount by which the aggregate amount of the company's assets exceeds the aggregate amount of its liabilities, and “net liabilities” means the amount by which the aggregate amount of the company's liabilities exceeds the aggregate amount of its assets,

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