Statutory Declaration Of Solvency - Redemption Of Shares
CO.RE.05
This document has now been replaced with content in the Redemption out of Profits / New Issue sub-folder.
There are two types of situations in which a company can buy its own shares:
- Purchase of own shares; and
- Redemption of redeemable shares.
A company can purchase its shares:
- out of profits;
- from the proceeds of a fresh/new issue; or
- out of capital.
In order for a private limited company to redeem redeemable shares out of capital the directors must make a Statutory Declaration of Solvency in addition to the special resolution to approve the use of capital.
This Statutory Declaration of Solvency is a statement that each of the directors is of the opinion that the company will be able to meet its obligations and discharge its debts over the next 12 month period, or in the event of its winding up.
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There are two types of situations in which a company can buy its own shares:
- Purchase of own shares; and
- Redemption of redeemable shares.
A company can purchase its shares:
- out of profits;
- from the proceeds of a fresh/new issue; or
- out of capital.
In order for a private limited company to redeem redeemable shares out of capital the directors must make a Statutory Declaration of Solvency in addition to the special resolution to approve the use of capital.
This Statutory Declaration of Solvency is a statement that each of the directors is of the opinion that the company will be able to meet its obligations and discharge its debts over the next 12 month period, or in the event of its winding up.
This document is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Once you have subscribed to the appropriate document folder click on the "Download Document" button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.
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