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Changes over time for: Section 76


Llinell Amser Newidiadau
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Version Superseded: 12/05/2011
Status:
Point in time view as at 17/03/2011. This version of this provision has been superseded.

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Changes to legislation:
Insolvency Act 1986, Section 76 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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76 Liability of past directors and shareholders.E+W+S
(1)This section applies where a company is being wound up and—
(a)it has under [Chapter 5 of Part 18 of the Companies Act 2006 (acquisition by limited company of its own shares: redemption or purchase by private company out of capital)] made a payment out of capital in respect of the redemption or purchase of any of its own shares (the payment being referred to below as “the relevant payment”), and
(b)the aggregate amount of the company’s assets and the amounts paid by way of contribution to its assets (apart from this section) is not sufficient for payment of its debts and liabilities, and the expenses of the winding up.
(2)If the winding up commenced within one year of the date on which the relevant payment was made, then—
(a)the person from whom the shares were redeemed or purchased, and
(b)the directors who signed the statutory declaration made in accordance with [section 714(1) to (3) of the Companies Act 2006] for purposes of the redemption or purchase (except a director who shows that he had reasonable grounds for forming the opinion set out in the declaration,
are, so as to enable that insufficiency to be met, liable to contribute to the following extent to the company’s assets.
(3)A person from whom any of the shares were redeemed or purchased is liable to contribute an amount not exceeding so much of the relevant payment as was made by the company in respect of his shares; and the directors are jointly and severally liable with that person to contribute that amount.
(4)A person who has contributed any amount to the assets in pursuance of this section may apply to the court for an order directing any other person jointly and severally liable in respect of that amount to pay him such amount as the court thinks just and equitable.
(5)[Section 74 does not apply] in relation to liability accruing by virtue of this section.
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yn ôl i’r brig