Enforcement of invalid company loans: companies must reclaim or revoke affected loans, guarantees or securities within a limited period. Companies must enforce repayment of loans or revoke guarantees or securities that, at the amendment's commencement, would not have been made under the ... Summary
Enforcement of invalid company loans: companies must reclaim or revoke affected loans, guarantees or securities within a limited period.
Companies must enforce repayment of loans or revoke guarantees or securities that, at the amendment's commencement, would not have been made under the intervening prohibition; this must be done within a limited statutory period notwithstanding any agreement to the contrary. The statutory period for enforcement or revocation may be extended in specified cases, including by a special resolution of the company for instruments within the retained provision.
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