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The Companies (Reduction of Capital) (Creditor Protection) Regulations 2008

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Amendment of the Companies Act 1985

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2.  In section 136(3) of the Companies Act 1985(1) (application to court for order confirming reduction of share capital: creditors entitled to object)—

(a)after “who” insert “— (a)”, and

(b)after “admissible in proof against the company” insert—

, and

(b)can show that there is a real likelihood that the reduction would result in the company being unable to discharge his debt or claim when it fell due,.

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