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2014年ACCA考试F4公司法与商法第二十五章总汇5

来源：高顿网校 2014-08-04

　　以下是高顿网校为大家整理的：F4公司法与商法第二十五章，希望对考生们有所帮助。

　　5 Redemption/purchase of own shares – procedure available to private companies only (s.171)

　　Introduction

　　5.1 (a) Private companies are permitted to purchase/redeem their own shares without the need to maintain capital provided they have authority in their articles – Table A gives this.

　　(b) As before, a transfer to CRR is required which will use up distributable profits.

　　(c) The transfer need not compensate completely for the net reduction in share capital i.e.: the creditors’ buffer may be reduced. This reduction is known as the Permissible Capital Payment.

　　(d) The practical effect is that a private company with low P&L reserves may purchase/redeem more shares than a public company in the same position.

　　Conditions

　　5.2 (a) Distributable profits must be determined

　　(b) A statutory declaration by directors is also required

　　This specifies the amount of the P.C.P. and states that the directors have made full enquiries into the affairs and prospects of the company and are of the opinion that:?

　　(i) the company will be able to meet its debts immediately after the payment out of capital and

　　(ii) it will continue as a going concern for the next 12 months after the payment and will be able to pay its debts as they fall due.

　　The auditors must state that:

　　(i) They have enquired into the company’s state of affairs.

　　(ii) The amount of the PCP has been correctly determined.

　　(iii) They are not aware of anything to indicate that the directors' opinion is unreasonable.

　　(d) A special resolution is required:

　　(i) Voting is as before (vendors may not vote)

　　(ii) The resolution must be passed within 1 week after the date of the statutory declaration.

　　(iii) The payment out of capital must take place not earlier than 5 weeks and not later than 7 weeks after the date of the special resolution.

　　(e) Publicity for proposed payment out of capital s.175:

　　(i) Notice must be given within 1 week of resolution.

　　(ii) Notice is required in a national newspaper OR written notice to each creditor.

　　(iii) Notice must also be placed in the London Gazette.

　　(f) The statutory declaration and auditors' report:

　　(i) copies must be delivered to the Registrar not later than the date on which notice is first published/given.

　　(ii) they must be available at the registered office during business hours for inspection by any member or creditor during the 5 week period after the date of the special resolution.

　　(iii) they must be available for inspection by members at the meeting to pass the special resolution.

　　(g) Objections by members or creditors s.176:

　　(i) Any member (who did not vote in favour) or creditor may apply to the court within 5 weeks of the special resolution for its cancellation.

　　(ii) The company must give immediate notice of the application to the Registrar and deliver a copy of any court order to the Registrar within 15 days.

　　Civil liability of past shareholders and directors

　　5.3 (a) If the company starts winding up within 1 year of making a payment out of capital and it cannot meet its debts then the following are liable to contribute to the assets of the company:

　　(i) the vendor shareholders.

　　(ii) the directors (who signed the statutory declaration – unless they can show there were reasonable grounds for the opinion expressed).

　　(b) Liability:

　　(i) vendors are liable for the amount they were paid.

　　(ii) directors are liable jointly and severally with each vendor shareholder.

　　Criminal liability for contraventions

　　5.4 If they had no reasonable grounds for their opinion in the statutory declaration – director(s) are liable to a fine and/or prison. s.173(6)

　　Default

　　5.5 Shareholders can apply for an order of specific performance if directors fail to redeem/purchase shares.

　　高顿网校小编寄语：向着某一天终于要达到的那个终极目标迈步还不够，还要把每一步骤看成目标，使它作为步骤而起作用。

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