Part 23Company distributions

Chapter 5Demergers

Advance clearance

1093Requirements relating to applications for clearance

1

Any application under section 1091 or 1092—

a

must be in writing, and

b

must contain particulars of the relevant transactions.

2

The Commissioners may by notice require a person making an application under section 1091 or 1092 to provide further particulars for the purpose of enabling them to make their decision.

3

The power under subsection (2) must be exercised within 30 days of the receipt of—

a

the application, or

b

any further particulars previously required under subsection (2).

4

If a notice under subsection (2) is not complied with within 30 days, or any longer period that the Commissioners may allow, the Commissioners need not proceed further on the application.