New Clause 240

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

Alert me about debates like this

Meaning of “distributable profits”

‘In this Part (except in Chapter (Financial assistance for purchase of own shares) (financial assistance): see section (Definitions for this Chapter) “distributable profits”, in relation to the making of any payment by a company, means profits out of which the company could lawfully make a distribution (within the meaning given by section (Distributions to be made only out of profits available for the purpose)) equal in value to the payment.’.—[Margaret Hodge.]

Brought up, and added to the Bill.