This article will provide an overview of the CA 2016. The Insolvency and Bankruptcy Code, 2016. 170-177 modified (retrospective to 30.3.2009 at 8.00 a.m.) by The Amendments to, Original: Queen's Printer Version Volume 1, Original: Queen's Printer Version Volume 2, Original: Queen's Printer Version Volume 3, Transfer of Securities and Property etc. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts. 170-177 modified (9.30 a.m. on 7.10.2008) by The Heritable Bank plc, Ss. Under section 619(3) of the Companies Act 2016, for existing companies already registered under the previous law, their M&A remains valid and enforceable under the Companies Act 2016, unless otherwise resolved by the company. 1(1), 7(1), (3), Sch. 170-177 modified (8.00 a.m. on 29.9.2008) by the The Bradford & Bingley plc Transfer of Securities and Property etc. Interpretation 3. Different options to open legislation in order to view more content on screen at once. (a) if he has not within the period referred to in section 147(1) obtained his qualification; (b)by virtue of his disqualification or removal or the revocation of his appointment as a director, as the case may be, under section 148, 149, 149A, 154, 155, 155A or 155C of this Act, section 50 or 54 of the Banking Act (Cap. Application of this Act PART II - COMPANY INCORPORATION Sub-Part I – Types of international business companies 5. Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. Schedules you have selected contains over The company may decide whether to … para. This restraining order may not come into effect until it being lodge to the CCM. Section 176(10E) does provide with the requirements a company should take within seven days which are to lodge a copy of approve restraining order and an advertisement or notice to public. Section 176, Companies Act 2006 Practical Law Primary Source 4-505-5245 (Approx. Board of India Act, 1992 and covered under such class or classes of companies as may be. 2013/2224, reg. INTERNATIONAL BUSINESS COMPANIES ACT, 2016 (Act 15 of 2016) ARRANGEMENT OF SECTIONS Sections PART I–PRELIMINARY 1. 2008/2644), art. PRELIMINARY. On 31 August 2016, the Companies Act 2016 (“CA 2016”) had been gazetted to replace the Companies Act 1965 (“Old CA”) to provide greater flexibility, certainty and ease for those operating or doing business using Malaysian companies. (1) Subject to the provisions of this section, an annual general meeting of a company or an extraordinary general meeting of it may be held inside or outside of the State. The said Section 176 has also excludes certain companies from application of the Investment Ceiling. You Order 2008 (S.I. Securities and Exchange Commission 8. Section 176(8) provides the duties of director to instruct the accountants or advocate or both to make a report and to be send to the director. [Act 36 of 2014 wef 03/01/2016] (1A) It shall be the duty of the directors of a company to take all reasonable steps to secure that each secretary of the company is a person who appears to them to have the requisite knowledge and experience to discharge the functions of secretary of the company. 2017] Companies No. 2), (This amendment not applied to legislation.gov.uk. For more information see the EUR-Lex public statement on re-use. 17 OF 2015 COMPANIES ACT ARRANGEMENT OF SECTIONS PART I – PRELIMINARY Section 1. Potential Group of Companies (PGOC) is a registered Limited Liability Company under the Statutes of Ghana in accordance with section 176 of the Companies Act 1963. Overall, section 176(10) talks about restraining order. COMPANIES ACT 2016. The Whole Section 2-Interpretation First Sch. ... Every Company having a share capital is required by section 165 of The Companies Act,1965 to prepare an annual return, which must be made up to the date of the Annual General Meeting (AGM) of the company in the year, or a date not later than 14th day after the date of the AGM. [ ] ENACTED by the Parliament of Malaysia as follows: PART I. The Companies Act 2016 came into force in Malaysia on January 31, 2017. THE SECURITIES ACT, 2016 ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. Application of Act to shares owned by Government 4. 200 provisions and might take some time to download. Not compliance with this section, the company will be liable for penalty of one hundred thousand ringgit. 2 para. 5. Reference this. Global Millennium Transport Association. The court on the application of the members, creditors or the company may order a restraining order which is a restrain from any legal proceeding not more than ninety days [7] . Malaysia’s scheme of arrangement framework allows for a restraining order to be granted. Short title and commencement date 2. Definition of international business companies 6. Section 2-Interpretation First Sch. CHAPTER V Administration and Distribution of The Estate of the Bankrupt. 3. in writing by the Board which shall, inter alia, include,— (i) the recommendation for appointment, remuneration and terms of appointment. After all the procedures under section 176 (1) until section176 (9) being fulfil, section 176(10) will come into effect. Despite the application of adjournment, upon voting and the majority accept this arrangement applied under section 176(3) provided with consent and approval by the court shall be binding to all of them i.e. Arbitration Law (Law No. the proposed scheme. 1(2), 14(e)(iv)), (This amendment not applied to legislation.gov.uk. Interpretation of provisions of this Act. It must be in form of inter partes to avoid injustice especially towards the creditors. Short title and commencement. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Section 9(b) CA 2016 Act stipulates that ‘A company shall have one or more members…’. In this article, we continue our review of the Act by examining the requirements pertaining to the dispensation of annual general meetings and to member’s written resolutions. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run. (2) It extends to the whole of Pakistan. (This amendment not applied to legislation.gov.uk. Short title 2. his doing (or not doing) anything as director. 2016/114), arts. 200 provisions and might take some time to download. As of 1 October 2008, a director of a company will have a statutory duty under section 175 of the Companies Act 2006 (the Act) to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company. As a result, the court held since the rule of fair and frank disclosure should be practiced by the applicants in this case regarding their application of the ex parte application, the failure to disclose the subject matter and decision of the previous court which was not favour to them, is actually against the principle of disclosure and in this case, it had been proven that the applicants had acted mala fide and the judge set aside his ex parte application and his restraining order under s. 176 of CA 1965. 1. These relate to: the company secretary’s registration with the Registrar of Companies; and the corporate rescue mechanisms. Status: Current version as at 01 Dec 2020 . Company Registration No: 4964706. While we try to keep the legislation accurate and up to date, we give no warranty as to the accuracy or currency of the legislation. DEFECTS IN APPOINTMENT OF DIRECTORS NOT TO INVALIDATE ACTIONS TAKEN [Effective from 12th September, 2013] No act done by a person as a director shall be deemed to be invalid, notwithstanding that it was … 29 substituted immediately before IP completion day by S.I. Ss. 170-177 modified (1.3.2016) by The NRAM plc (formerly Northern Rock plc) Consequential and Supplementary Provisions Order 2016 (S.I. The general effect of this section 176 is that the company is free for a while from any proceeding due to the debts. See how this legislation has or could change over time. without Initially, when a company wants to used section 176, an application to the court must be made. Turning this feature on will show extra navigation options to go to these specific points in time. The first date in the timeline will usually be the earliest date when the provision came into force. Revised legislation carried on this site may not be fully up to date. Reg. 2008/2644), Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. Types of Companies 1(2), 4), (This amendment not applied to legislation.gov.uk. Section 176 of Companies Act, 2013 – Defects in appointment of directors not to invalidate actions taken . Companies Act 2006 (2006 C 46) Financial Services And Markets Act 2000 (2000 C 8) Employment Rights Act 1996 (1996 C 18) Criminal Justice Act 2003 (2003 C 44) Data Protection Act 2018 (2018 C 12) Equality Act 2010 (2010 C 15) Insolvency Act 1986 (1986 C 45) Town And Country Planning Act 1990 (1990 C 8) Consumer Rights Act 2015 (2015 C 15) Police And Criminal Evidence Act 1984 (1984 C 60) … The full grounds of judgment have not been issued yet. As per Section 366 of the Act, a debt restructuring scheme under Section 176 of the Companies Act 1965 generally involves a compromise proposed between a company and its creditors or any class of them. Dependent on the legislation item being viewed this may include: This timeline shows the different points in time where a change occurred. Changes over time for: Section 176. This report must also with explanatory statement as stated under section 177 which set out all the information of the scheme and any material facts about the directors and holders of the proposed arrangement. The provisions in section 176 are not confined to debt restructuring of companies in financial distress but generally, to adjust the rights of members and creditors, reorganize the share capital of the company or perform a reconstruction or … Reg. 4 substituted by regs. It is laid down under section 176(1) which enquires the company itself, or the creditor, or the member to make an application to the court. prescribed, shall take inter-corporate loan or deposits exceeding the prescribed limit and. Act 125 COMPANIES ACT 1965 ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Definition of ultimate holding company 5B. To my knowledge, this is also the first decision on this issue under the new section 368(2) of the Companies Act 2016 (CA 2016). Changes that have been made appear in the content and are referenced with annotations. It is like company to buy time to avoid coming up liquidation proceedings. When the voting is settled, the court accepted and approved the arrangement; now under section 176(6) should and must be done which is to include the order made under section 176(3) in the memorandum of the company. Companies Act, 2013; Rules; Schedules; IB Code. 189). ACT 777 . For instance, in the case of Re Foursea Construction (M) Sdn Bhd [1] , the court laid down the application of arrangement for ex parte is not allowed. Public companies 8. Save(0) Please login to bookmark. Act 1(e), C6Ss. COMPANIES ACT NO. The court will strictly comply of this requirement. Superiority ofAct PART II INCORPORATION AND REGISTRATION OF COMPANIES 6. Minutes of all meetings and resolutions of the Board and committees of the Board (item 6) must be kept at the registered office of a company. ACT 125: COMPANIES ACT 1965 (REVISED - 1973) Incorporating latest amendment - Act A1299 /2007 First enacted : 1965 (Act No. For further information see the Editorial Practice Guide and Glossary under Help. As result of it, penalty of two thousand ringgit will be impose on them. COMPANIES ACT 2016. On 31 August 2016, the Companies Act 2016 ... copies of all instruments creating or evidencing charges as required under section 357 of the CA 2016; such other documents required to be kept by the Registrar. In order to be protect under section 176, several procedures need to be comply. such company shall furnish in its financial statement the details of the loan or deposits. Section 176 when to be applied must in way of inters partes. the shareholders, creditors and other members. In this Code, unless the context otherwise requires, the expressions defined in the First Schedule hereto shall have the meanings assigned to them in that Schedule. The application of ex parte as in the case of PECD Bhd & Anor v Merino-Odd Sdn Bhd & ors [2] applicants filed an ex parte application, which in this case an ex parte application is only for exceptional cases of valid urgency, so the applicants have the duty to disclosure where there must be frank and fair disclosure of all relevant materials including any points that may unfavourable to the applicants themselves. For instance, in the case of Metroplex Bhd & Ors v. Morgan Stanley Emerging Markets Inc & Ors; RHB Sakura Merchant Bankers Bhd & Ors (Interveners) [9] , the court had construe the good reasons as in section 176(10A) means; a bona fide scheme of arrangement is presented, with sufficient details provided to the creditors to enable them to make informed decisions as to its feasibility and merits; next, the scheme of arrangement presented must be not such that it is bound to fail and lastly the interest of the creditors, that is, the beneficiaries under the proposed arrangement is safeguard. Password. 2008/2546), art. Section 366 and Section 368 of the Companies Act 2016 are statutory mechanism that provides relief for Companies to propose a compromise with its creditors and to strike a compromise in lieu of facing immediate doom of being wound up. Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak. No versions before this date are available. (2) ... with sub-section (2). 2019/1392, regs. International Business Companies Act, 2016. Although section 176 of the Companies Act 1965 was amended in 1998 by the introduction of a new subsection which imposed stricter requirements, there were still major shortcomings. Return to the latest available version by using the controls above in the What Version box. 2 company is vitally and substantially interested in its affairs. VAT Registration No: 842417633. The Whole Companies Act (Chapter 50) An Act relating to companies. For clarification, the definition does not include companies undergoing reconstruction and/or amalgamation (Section 370, CA 2016). Schedules you have selected contains over Whole provisions yet to be inserted into this Act (including any effects on those provisions): (1)A director of a company must not accept a benefit from a third party conferred by reason of—. THE COMPANIES ACT, 2017 ARRANGEMENT OF SECTIONS PART I PRELIMINARY PROVISONS Section 1. 4, 4A immediately before IP completion day by S.I. Short title and commencement 2. Interpretation 5. 13(1)(3), Sch. The two corporate rescue mechanisms under Division 8 are judicial management and … You can view samples of our professional work here. In conclusion, the Malaysian Companies Act 2016 simultaneously improves and complicates the position with respect to … 4/2018: Procedures on Resignation of Secretary under Section 237 of the Companies Act 2016 PDF 5. This is due to the wording of section 619(6) of the CA 2016: “A company which is in the course of winding up immediately before the commencement of this Act shall continue to be wound up under the relevant provisions in the Companies Act 1965.” ACT 777 . 79 of 1965) Date of coming into operation : [Throughout Malaysia 15 April 1966, P.U. Interpretation in other laws to apply 6. Functions of … The CA 2016 provisions should not be applied. *You can also browse our support articles here >. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run. section 1a of the powers of attorney act, 1882 defines the word 'power of attorney' to include any instrument empowering a specific person to act for and in the name of the person executing it. 3(4) by, the original print PDF of the as enacted version that was used for the print copy, lists of changes made by and/or affecting this legislation item, confers power and blanket amendment details, links to related legislation and further information resources. July 1, 2018 May 31, 2020 by IBC Laws Leave a comment. Under the Companies Act 2016, section 196(4) provides the requirement for a director that he must ordinarily reside in Malaysia by having a principal place of residence in Malaysia. Types of companies to be incorporated 7. The only formal corporate rescue process currently available in Malaysia is the scheme of arrangement under section 176 of the Companies Act 1965. Inserted by The Companies (Amendment)Act,2017 :- Amendment Effective from 7th May 2018 Minimum Number of Members. long time to run. 17(1), Sch. This is not an example of the work produced by our Law Essay Writing Service. Reported in : ILR1986Delhi579in mind. Companies … 2009/814), arts. COMPANIES ACT 1963 (ACT 179) Section 1-Commencement Spent. 170-177 modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. Login to BizFile + Disclaimer. Act you have selected contains over Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. As an effect of that the court may under section 176(10) to grant restraining order to the said company. Username or Email Address. After this report had been viewed to the shareholders and creditors they can apply the application of proposed scheme to the court. Companies Act 2016 : Practice Note No. PRELIMINARY. 61 of 2016 was published pursuant to Section 1022 of the Companies Act 2015 which grants the relevant Cabinet Secretary the mandate to make subsidiary legislation including to determine what fees are payable for registration of companies. [ ] ENACTED by the Parliament of Malaysia as follows: PART I. Geographical Extent: 2008/373 reg. 01/03/2016- Amendment; 08/12/2017- Amendment; Changes to legislation: Companies Act 2006, Section 176 is up to date with all changes known to be in force on or before 26 November 2020. 2017/1212), Act amendment to earlier affecting provision S.I. Home. long time to run. When a company is wind up or going to be wind up, section 176 of Companies Act 1965 will be there to help the company from being chase by debts. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. (b)his doing (or not doing) anything as director. may also experience some issues with your browser, such as an alert box that a script is taking a Companies Act 2016 : Practice Note No. The court then will order a meeting to be set out between the company and its members including creditors. Definitionin other laws 5. Listing Obligation and Disclosure Requirements; Additional Circular. Before that the court will usually look into three criteria as laid down in the case of Re Prince Mithcell Pte Ltd [3] which are Public Policy, Commercial Morality and The interest of creditors. ACCEPTANCE OF DEPOSITS FROM PUBLIC BY CERTAIN COMPANIES [Effective from 1st April, 2014](1) Notwithstanding anything contained in section 73, a public company, having such net worth or turnover as may be prescribed, may accept deposits from persons other than its members subject to compliance with the requirements provided in sub-section (2) of section 73 and subject to … (1) This Act may be cited as the Companies Act 2016. Another instances regarding the effect of restraining order can be seen in the case of Re Artistic Color Printing Co (1880) 14 Ch D 502; “A creditor within the jurisdiction will be restrained from proceeding with an action beyond the territorial” [11]. 1(2), 83(1) (with reg. 26, Sch. Prior to CA 2016, the procedure often utilised by financially distressed companies in Malaysia was the scheme of compromise or arrangement under section 176 of the former Companies Act, 1965. Section 3-Application of Act Short title and commencement. 2(e), C4Ss. Changes that have been made appear in the content and are referenced with annotations. The CA 2016 reformed almost all aspects of company law in Malaysia. However, a company may seek for adjournment of the restraining order more than ninety days provided with good reasons. Links to this primary source; Content referring to this primary source; Do you have a 2:1 degree or higher? Free resources to assist you with your legal studies! Implementation of scheme of arrangement. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on the UKDiss.com website then please: Our academic writing and marking services can help you! Companies Act, 2017 Rules and Regulations Associations with charitable & not for profit objects (licensing & corporate governance) Regulations, 2017 Issued Notified for public opinion The Limited Liability Partnership Regulations, 2017 The Companies (Incorporation) Regulations, 2017 The Intermediaries (Registration) Regulations, 2017 Circulars & Notifications Circular 15 of 2017 … An Act to provide for the registration, administration and dissolution of companies and corporations and to provide for related matters. Benefits received by a director from a person by whom his services (as a director or otherwise) are provided to the company are not regarded as conferred by a third party. 2008/2546), Transfer of Certain Rights and Liabilities Order 2008 (S.I. Access essential accompanying documents and information for this legislation item from this tab. SECTION 550 OF THE COMPANIES ACT 2016 1. Malaysia’s scheme of … In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). (3)Benefits received by a director from a person by whom his services (as a director or otherwise) are provided to the company are not regarded as conferred by a third party. About us; Contact Us; Help/Usage Tips; Companies Act. Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. THE REFORM INITIATIVE The 4 year review by CLRC ... • Section: 21(1): unlimitedcapacity • Section: 14(2):Acompany shall not be formed for any unlawful purpose Reply . (3) This Act shall come into force at once, except section 456 which shall come into force on such date as the Federal Government or an authority or person authorized by it may, by notification in the official Gazette, appoint. Alternative versions: 31/05/2018- Amendment; Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Investigatory Powers Act 2016. Companies Act. This date is our basedate. According to this section, directors can be accountable for undisclosed profits which they obtained as a director’s position. Section 172 of the UK’s Companies Act 2006, imposes on a director the duty to ‘act in a way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole’ and, in so doing, to have regard to a series of factors listed in the section which refer to the promotion of social, environmental and governance objectives. Copyright © 2003 - 2020 - LawTeacher is a trading name of All Answers Ltd, a company registered in England and Wales. Order 2008 (S.I. But it is only for 90 days or may be further as it is upon discretions of the court. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run. The restraining order would restrain any further legal proceedings to be initiated against the applicant company applying for a scheme of arrangement. 17 of 2015 - NO. Private companies 9. Additionally, the property of the company also will be safeguard during this restraining order as in section 176(10C). Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. There are changes that may be brought into force at a future date. Ctrl + Alt + T to open/close. The Companies Act 2016 (“Act”) became law on 16 September 2016 and will come into operation on a date to be determined by the Minister. PART III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms. ... [Act 36 of 2014 wef 03/01/2016] (2) The persons referred to in subsection (1) are — (a) in the case of a company being wound up, the liquidator; and (b) in any other case — (i) the company; or (ii) any creditor, member or holder of units of shares of the company. 5/2016 dated 5 January 2016) Competent court: District Court (worth of the claim up to Ks. Jump to: Go. The company came into existence in March 2016 following the amalgamation of a number of vibrant multi-sectoral companies namely: Global Millennium Travel and Tour. Power to compromise with creditors and members. In this Code, unless the context otherwise requires, the expressions defined in the First Schedule hereto shall have the meanings assigned to them in that Schedule. Definition of subsidiary and holding company 5A. The previous provision in Section 176 of the CA 1965 did not shed much light on a scheme of arrangement is to be implemented. COMPANIES ACT 1963 (ACT 179) Section 1-Commencement Spent. A restraining order can be a crucial tool to allow the distressed applicant company to have a moratorium from creditors’ actions and to allow for a successful restructuring of the company’s debts through a scheme of arrangement. Section 176: Final dividend. 1(2), 7, Sch. In our position in Malaysia, the restraining will come into effect after section 176 complies with. Interpretation 4. 2. 170-177 modified (retrospective to 30.3.2009 at 8.00 a.m.) by The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009 (S.I. Updated Till : November 27, 2020 ; SECTION 176. 2(e), C2Ss. COMPANIES ACT 2016 By: Nor Azimah Abdul Aziz Deputy CEO (Regulatory & Enforcement) Companies Commission of Malaysia. This provision allows the incorporation of a company with only one member. 2 company is vitally and substantially interested in its affairs. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing. Section 176(10A) does come with several reasons that have been accepted by the court [8] . (4) Every Audit Committee shall act in accordance with the terms of reference specified. 168/1966] Reprinted : First Reprint 1988, Second Reprint 1995, Third Reprint 2000: Revised up to : 1973 (As Act 125 w.e.f. Act The provisions under Section 176 of the Companies Act 1965 also provides for adjustment of the rights of client members and creditors or reorganisation of the share capital of companies. 2020/523, regs. Short title 2. 500,000,000) or High Court (worth of the claim in 11(1) by, Act amendment to earlier affecting provision S.I. Act you have selected contains over You The Whole The scheme of arrangement procedure in the Companies Act 2016 imposes two key improvements to prevent the abuse of the moratorium provisions : 170-177 modified (8.00 a.m. on 29.9.2008) by the The Bradford & Bingley plc, Ss. This section gives opportunity to the company to adjourn the meeting that ordered by the court provided that it is being approved by the members and creditors. (5)Any reference in this section to a conflict of interest includes a conflict of interest and duty and a conflict of duties. For instance in the case of Re Dorman Long & Co Ltd [4] ; this explanatory statement must contain all the relevant information and fair which then will guide the members of the meeting ordered by the court including creditors to vote. 17 OF 2015 Revised Edition 2017 [2016] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. The previous provision in Section 176 of the CA 1965 did not shed much light on a scheme of arrangement is to be implemented. Looking for a flexible role? 1. For instance in former case in 1886; Re Eldorado Union Store Co, “A restraining order to prevent the execution by judgment creditors of process against the company can only be applied for after the presentation of the petition, and such petition can only be presented after four days’ notice” [10]. Short title: International Business Companies Act, 2016. Repeals 4. Amendments. Any reference in this section to a conflict of interest includes a conflict of interest and duty and a conflict of duties. para. Continue reading Section 176-Final dividend. para. In the situation when the company need sometimes because of technical problems or others, section 176(2) can be apply. Relationship with other laws PART II THE SECURITIES AND EXCHANGE COMMISSION 7. without Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of LawTeacher.net. SECTION 76. 1 para. Section 176 (2) of the Companies Act 2006 explains a “third party” definition a person other than the company, an associated body corporate or a person acting on behalf of the company or an associated body corporate. Skip to content. There have been conflicting High Court decisions on this issue when interpreting the predecessor section 176(10A) of the Companies Act 1965 (CA 1965).
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