Search Legislation

Companies Act 1985

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 24

 Help about opening options

Version Superseded: 06/04/2008

Alternative versions:

Status:

Point in time view as at 01/12/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Companies Act 1985, Paragraph 24. Help about Changes to Legislation

F124(1)Where the amount repayable on any debt owed by a small 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.

Textual Amendments

F1Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1

Back to top

Options/Help