(1) A company applying to re-register as a public company must obtain -
(a) a balance sheet prepared as at a date not more than seven months before the date on which the application is delivered to the registrar,
(b) an unqualified report by the company's auditor on that balance sheet, and
(c) a written statement by the company's auditor that in his opinion at the balance sheet date the amount of the company's net assets was not less than the aggregate of its called-up share capital and undistributable reserves.
(2) Between the balance sheet date and the date on which the application for re-registration is delivered to the registrar, there must be no change in the company's financial position that results in the amount of its net assets becoming less than the aggregate of its called-up share capital and undistributable reserves.
(3) In subsection (1)(b) an "unqualified report" means -
(a) if the balance sheet was prepared for a financial year of the company, a report stating without ma
…