Finance (No. 2) Act 2015 Sch 7 para 17

Sch 7 para 17

In section 323 (meaning of expressions relating to insolvency etc. ), before subsection (1) insert— (A1) For the purposes of sections 322(5B) and 323A(1)(b) a company is unable to pay its debts if— (a) it is unable to pay its debts as they fall due, or (b) the value of the company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

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