UK: reduction of share capital by a private company - solvency statement guidance

The Company Law Committee of the City of London Law Society has published a short memorandum concerning the reduction of share capital by private companies where the directors make a solvency statement. The memorandum - available here (Word) - records some consensus views of members of the Committee regarding the practical steps that directors can take before making a solvency statement in order to reduce the risk of committing an offence under Section 643(4) of the Companies Act (2006).