Attention Fast Draft users! Due to the launch activities of the new Fast Draft (go live 12 December) any changes made to the contacts in your Address Books made on Sunday the 11 of December will not be saved. The contents of your Address Books will be available as usual in the new Fast Draft.
This note considers the rules under the Companies Act 2006, that have applied since 1 October 2009, that prohibit a public company from giving financial assistance for the purpose of the acquisition of its shares or those of a parent company, and a private company from giving financial assistance for the purpose of the acquisition of shares of a public parent company. For details of the pre-1 October 2009 position under the Companies Act 1985, see Practice note, Financial assistance: pre-1 October 2009.