Commentary Part 17: a Company’s Share Capital Chapter 10: Reduction of Share Capital Sections 652 and 653: Effect of reduction of capital
973.These sections restate section 140 of the 1985 Act (with the exception of references to the “minute” being replaced with references to the statement of capital) which is concerned with the liability of a company’s members in respect of any amounts unpaid on its shares following a reduction of capital. As now, there are special rules where a creditor was omitted from the list of creditors settled by the court.