323 Meaning of expressions relating to insolvency etc
Corporation Tax Act 2009 (2009 c 4) | Legislation

323  Meaning of expressions relating to insolvency etc

[(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.]

(1)     For the purposes of section 322(6) a company is in insolvent liquidation during the period—

(a)     beginning when it

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