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Statement of Reduction of Capital of a Corporation

Wake North Carolina Statement of Reduction of Capital of a Corporation

Name: Wake North Carolina Statement of Reduction of Capital of a Corporation
Brand: US Legal Forms
Rating: 4.85 (437 reviews)

Category:

Corporations - Statement

State:

Multi-State

County:

Wake

Control #:

US-1083BG

Format:

Instant download

Description

Stated Capital is the nominal value (or "par" value) of all the outstanding shares of a corporation. Generally, it is an amount equal to the cash consideration (or equivalent fair value of property or past services) received by a corporation in exchange for the issue of shares.

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If the amount of paid up capital including share premium is reduced then the share capital will be debited with the amount of the reduction. If the reduction was effected by a repayment then the credit will go to cash, otherwise a reserve account will be created which is treated as a realised profit.

Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and share repurchases, also known as share buybacks. The reduction of capital is done by companies for numerous reasons, including increasing shareholder value and producing a more efficient capital structure.

A reduction of capital can be achieved in one of two ways by following a statutory process under The Companies Act 2006 - either through a court process or by using a solvency statement.

The company can reduce capital by employing one of the following methods: Reduce the liability of its shares in respect of the share capital not paid-up. Cancel any paid up share capital which is lost or is unrepresented by available assets. Pay off any paid up share capital which is in excess.

The Capital Reduction Account is a temporary account opened in order to carry out the internal reconstruction. When the scheme is carried out, the account is closed. The Capital Reduction Account represents the sacrifice made by the Shareholders, Debenture-holders, Creditors etc.

Follow these steps if your company wants to reduce its share capital by seeking members' approval. Pass a special resolution that is approved by the members. Company directors must make a solvency declaration which will be valid for 20 days for private companies or 30 days for public companies.

Company may reduce share capital by cancelling any shares which are lost or is unrepresented by available assets. For e.g: if the shares of face value of INR 100 each fully paid-up is represented by Rs. 75 worth of assets. In such a case, reduction of share capital may be effected by cancelling Rs.

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Wake North Carolina Statement of Reduction of Capital of a Corporation

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