Part 7
Shareholders and their rights and obligations
Minority buy-out rights
115Court may grant exemption if company insolvent
If—
- a notice is given to a company under section 111; and
- the board has resolved that the purchase by the company of the shares to which the notice relates would result in it failing to satisfy the solvency test; and
- the company has, having made reasonable efforts to do so, been unable to arrange for the shares to be purchased by another person in accordance with section 111(2)(b),—
The court may, on an application under subsection (1), if it is satisfied that—
- the purchase of the shares would result in the company failing to satisfy the solvency test; and
- the company has made reasonable efforts to arrange for the shares to be purchased by another person in accordance with section 111(2)(b),—
- an order exempting the company from the obligation to purchase the shares:
- an order suspending the obligation to purchase the shares:
- such other order as it thinks fit, including any order referred to in section 114(2).