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11-Jan-2020 21:37

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There is a limit on the amount that a director can be held liable for in relation to not meeting the requirements of a distribution – section 77(4)(b) provides that such amount will not exceed, in aggregate, the difference between the amount by which the value of the distribution exceeded the amount that could have been distributed without causing the company to fail to satisfy the solvency and liquidity test and the amount (if any) recovered by the company from persons to whom the distribution was made.Conclusion Distributions by a company of its assets to its shareholders, whether in the form of cash or otherwise, are carefully regulated by the Act.

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Firstly, whether the assets of the company, fairly valued, are equal to or exceed the liabilities of the company, fairly valued (this is often referred to as commercial solvency).

What happens if a distribution is authorised by the board but not fully implemented?