Capital Reduction (Section 117)
Capital reduction can be exercised by passing a special resolution and supported by a solvency statement in accordance with Section 117 of Companies Act 2016. The Company has to ensure its constitution authorised the reduction in the capital.
A Company reduce it capital if it wish to :
Cancel any paid-up share capital which is lost or unrepresented by available assets and bring the amount of its issued capital in line with the value of its net assets
Return capital to shareholders which is in excess of the needs of the company
Offset the accumulated losses, consequently allowing the Company to pay dividends
Offset the amount owing by the shareholder
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