SCHEDULES

F1SCHEDULE 5AAMeaning of “scheme of reconstruction”

Annotations:
Amendments (Textual)
F1

Sch. 5AA inserted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 3

Fourth condition: compromise or arrangement with members

5

The fourth condition is that—

a

the scheme is carried out in pursuance of a compromise or arrangement—

i

under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986, or

ii

under any corresponding provision of the law of a country or territory outside the United Kingdom, and

b

no part of the business of the original company, or of any of the original companies, is transferred under the scheme to any other person.