(1) A limited company having a share capital may reduce its share capital -
(a) in the case of a private company limited by shares, by special resolution supported by a solvency statement (see sections 642 to 644);
(b) in any case, by special resolution confirmed by the court (see sections 645 to 651).
(2) A company may not reduce its capital under subsection (1)(a) if as a result of the reduction there would no longer be any member of the company holding shares other than redeemable shares.
(2A) A company may not reduce its share capital under subsection (1)(a) or (b) as part of a scheme by virtue of which a person, or a person together with its associates, is to acquire all the shares in the company or (where there is more than one class of shares in a company) all the shares of one or more classes, in each case other than shares that are already held by that person or its associates.
(2B) Subsection (2A) does not apply to a scheme under which -
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