Section 115 — Companies Act 1993: Court may grant exemption if company insolvent

115 Court may grant exemption if company insolvent (1) If— (a) A notice is given to a company under section 111 of this Act; and (b) The board has resolved that the purchase by the company of the shares to which the notice relates would result in it failing to satisfy the solvency test; and (c) The company has, having made reasonable efforts to do so, been unable to arrange for the shares to be purchased by another person in accordance with section 111(2)(b) of this Act,— the company must apply to the Court for an order exempting it from the obligation to purchase the shares. (2) The Court may, on an application under subsection (1) of this section, if it is satisfied that— (a) The purchase of the shares would result in the company failing to satisfy the solvency test; and (b) The company has made reasonable efforts to arrange for the shares to be purchased by another person in accordance with section 111(2)(b) of this Act,— make— (c) An order exempting the company from the obligation to purchase the shares: (d) An order suspending the obligation to purchase the shares: (e) Such other order as it thinks fit, including any order referred to in section 114(2) of this Act.