[80D Repurchases and stock lending: replacement stock on insolvency]
Finance Act 1986 (1986 c 41) | Legislation

[80D  Repurchases and stock lending: replacement stock on insolvency]

[(1)     This section applies where—

(a)     A and B have entered into an arrangement falling within section 80C(1),

(b)     the conditions in subsection (2A) or (3) of that section are met,

(c)     stock is transferred to A or A's nominee, and

(d)     the conditions in subsection (2) below are met.

(2)     The conditions in this subsection are that—

(a)     A and B are not connected persons within the meaning of [section 1122 of the Corporation Tax Act 2010],

(b)     after B has transferred stock under the arrangement, A or B becomes insolvent,

(c)     it becomes apparent (whether before or after the insolvency occurs) that, as a result of the insolvency, stock will not be transferred to B or B's nominee in accordance with the arrangement,

(d)     the party who does not become insolvent (“the solvent party”) or the solvent party's nominee acquires replacement stock, and

(e)     the replacement stock is acquired before the end of the period of 30 days beginning with

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Removal of a director

Removal of a directorThis note should be read in conjunction with Practice Note: Appointment, retirement and resignation of a director.For an illustration of the steps that must be taken to remove a director, see Removal of a director—flowchart.Removal from officeResolution to remove a directorA

LEXISNEXIS

Unless orders

Unless ordersThis Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.This Practice Note provides guidance on

LEXISNEXIS

Traditional procurement of construction contracts

Traditional procurement of construction contractsThis Practice Note provides a basic explanation of traditional procurement in construction. It looks at why this type of procurement is used and also considers particular issues to take into account when choosing to follow this procurement route.When

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and