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696. Enforcement of prohibition: orders available to the Court after contravention

Past version: effective from 14/06/2015 - 13/06/2015
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(1) This section applies if it appears to the Court—
(a) on an application under this section, or
(b) in proceedings under Part 28 (protection of members against unfair prejudice),
that a company has acted in contravention of section 693 (prohibition of public offers by private companies).
(2) The Court must make an order requiring the company to re-register as a public company unless it appears to the Court—
(a) that the company does not meet the requirements for re-registration as a public company, and
(b) that it is impractical or undesirable to require it to take steps to do so.
(3) If it does not make an order for re-registration, the Court may make either or both of the following—
(a) a remedial order (see section 697), or
(b) an order for the compulsory winding up of the company.
(4) An application under this section may be made by—
(a) a member of the company who—
(i) was a member at the time the offer was made (or, if the offer was made over a period, at any time during that period), or
(ii) became a member as a result of the offer,
(b) a creditor of the company who was a creditor at the time the offer was made (or, if the offer was made over a period, at any time during that period), or
(c) the Registrar.