78C. Reduction of share capital by public company

Question 1

78C. Reduction of share capital by public company

Answer 1

General overview
[78C.01] Public companies may also reduce their capital subject to a solvency test. Creditors have a right to object by applying to court under s 78D(2) for an order to cancel the resolution within six weeks of the resolution date.

Question 2

Reduction for public companies

Answer 2

[78C.02] Capital reduction for public companies shall be carried out in accordance with ss 78C - 78F.

Question 3

Solvency statement

Answer 3

[78C.03] The making of the solvency statement under the new subsection (3)(b)(ii) has been extended to 30 days prior to the ending of the resolution date: see Act No 36 of 2014.