Point in time view as at 03/10/2022.
Companies Act 2006, Section 579 is up to date with all changes known to be in force on or before 04 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.
(1)An allotment made by a public company to an applicant in contravention of section 578 (public companies: allotment where issue not fully subscribed) is voidable at the instance of the applicant within one month after the date of the allotment, and not later.
(2)It is so voidable even if the company is in the course of being wound up.
(3)A director of a public company who knowingly contravenes, or permits or authorises the contravention of, any provision of section 578 with respect to allotment is liable to compensate the company and the allottee respectively for any loss, damages, costs or expenses that the company or allottee may have sustained or incurred by the contravention.
(4)Proceedings to recover any such loss, damages, costs or expenses may not be brought more than two years after the date of the allotment.
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