Reduction of share capital: tribunal confirmation, creditor notice and accounting compliance govern permissible reductions.

Reduction of share capital by companies limited by shares or guarantee requires a special resolution and Tribunal confirmation; the Tribunal must notify government, Registrar, securities regulator for listed companies, and creditors and consider representations. Confirmation is permitted only when creditors' claims are discharged, secured, or consented to, and where the company's accounting treatment for the reduction complies with specified accounting standards certified by the auditor. The order must be published and a certified copy plus Tribunal-approved minute delivered to the Registrar for registration. Members' post-reduction liability is limited and officers who conceal or misrepresent creditor claims incur criminal liability.

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