Companies Act 2014 section 1163

Application for confirmation of division by court

Section 1163 sets out the requirements for applying to the court to confirm a corporate division, including who must make the application and what information must accompany it.

• All companies involved in the division must jointly apply to the court for an order confirming the division.
• The application must include a statement showing the shareholding size of any shareholder who has requested that their shares be purchased under the minority share buyout provisions.
• The application must also set out the steps the successor companies propose to take to meet any such shareholder's buyout request.
• This provision mirrors the equivalent requirement for mergers and ensures the court has full information before confirming the division.