Schedule 4, Part 3, paragraph 36

Section 656 (public companies: duty of directors to call meeting on serious loss of capital) has effect as if at the end there were inserted— This section does not apply to a company which is a company under resolution for the purposes of Part 17 of the Bank Recovery and Resolution (No. 2) Order 2014 (“the Order”). Where the net assets of such a company became half or less of its called-up share capital before the date on which the company became a company under resolution— the duty of the directors to call a general meeting of the company under subsection (1) ceases to have effect on that date; a general meeting which has been called under subsection (1) but has not yet taken place is deemed to have been cancelled on that date; and any resolution passed at such a meeting which has taken place is subject to the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Order) in relation to the company.

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