Point in time view as at 30/04/2001. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1985, Paragraph 24.
24(1)Where the amount repayable on any debt owed by a company is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.
(2)Where any such amount is so treated—
(a)it shall be written off by reasonable amounts each year and must be completely written off before repayment of the debt; and
(b)if the current amount is not shown as a separate item in the company’s balance sheet it must be disclosed in a note to the accounts.
Assets included at a fixed amount
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