Companies Act 2014
Re-registration upon reduction of company capital of a PLC | ||
1288. (1) If— | ||
(a) the court makes an order confirming a reduction of the company capital of a PLC, and | ||
(b) that reduction has the effect of bringing the nominal value of the company's allotted share capital below the authorised minimum, | ||
the court may authorise the PLC to be re-registered as another type of company without its having passed a special resolution for that purpose. | ||
(2) Where the court makes an order authorising a PLC to so re-register, the court shall specify in the order the alterations in the PLC's constitution to be made in connection with that re-registration. | ||
(3) In its application to a PLC that applies to be re-registered as another type of company in pursuance of an authority given under subsection (1), this Part shall have effect with the following modifications— | ||
(a) references in section 1285 to the special resolution of the company shall be read as references to the order of the court under subsection (1), | ||
(b) section 1285 (1)(a) and (2) shall not apply and, in the event of an application to re-register the PLC as a private company limited by shares, section 1290 (a) shall not apply, and, in the event of an application to re-register the PLC as a designated activity company, section 1298 (1)(a) or 1299 (1)(a), as the case may be, shall not apply, and | ||
(c) section 1285 (6) shall be read as if the following were substituted for all the words preceding paragraphs (a) and (b) of it: | ||
“(6) On receipt of an application for re-registration under this section made in pursuance of an order of the court under section 1288 (1), the Registrar shall—”. |