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Changes over time for: Section 199


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Status:
Point in time view as at 08/04/2020.
Changes to legislation:
Companies Act 2006, Section 199 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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199Meaning of “quasi-loan” and related expressionsU.K.
This section has no associated Explanatory Notes
(1)A “quasi-loan” is a transaction under which one party (“the creditor”) agrees to pay, or pays otherwise than in pursuance of an agreement, a sum for another (“the borrower”) or agrees to reimburse, or reimburses otherwise than in pursuance of an agreement, expenditure incurred by another party for another (“the borrower”)—
(a)on terms that the borrower (or a person on his behalf) will reimburse the creditor; or
(b)in circumstances giving rise to a liability on the borrower to reimburse the creditor.
(2)Any reference to the person to whom a quasi-loan is made is a reference to the borrower.
(3)The liabilities of the borrower under a quasi-loan include the liabilities of any person who has agreed to reimburse the creditor on behalf of the borrower.
Modifications etc. (not altering text)
Commencement Information
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