C1Part 20Private and public companies

Annotations:
Modifications etc. (not altering text)

Chapter 1Prohibition of public offers by private companies

758Enforcement of prohibition: orders available to the court after contravention

1

This section applies if it appears to the court—

a

on an application under this section, or

b

in proceedings under Part 30 (protection of members against unfair prejudice),

that a company has acted in contravention of section 755 (prohibition of public offers by private companies).

2

The court must make an order requiring the company to re-register as a public company unless it appears to the court—

a

that the company does not meet the requirements for re-registration as a public company, and

b

that it is impractical or undesirable to require it to take steps to do so.

3

If it does not make an order for re-registration, the court may make either or both of the following—

a

a remedial order (see section 759), or

b

an order for the compulsory winding up of the company.

4

An application under this section may be made by—

a

a member of the company who—

i

was a member at the time the offer was made (or, if the offer was made over a period, at any time during that period), or

ii

became a member as a result of the offer,

b

a creditor of the company who was a creditor at the time the offer was made (or, if the offer was made over a period, at any time during that period), or

c

the Secretary of State.