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Companies Act 1985
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Changes over time for: Paragraph 24
Version Superseded: 06/04/2008
Alternative versions:
- 16/11/1992- Amendment
- 01/03/1997- Amendment
- 01/12/2003
Point in time - Stop date 06/04/2008- Amendment
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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
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