In subsection (4) -

(a) in paragraph (a), insert "or by international financial reporting standards" after "Companies Acts", and

(b) substitute the following for subsection (c) and for all the words from "and in paragraph (c)" down to and including "of the company":

"(c) the net assets of a company are the aggregate of its assets less the aggregate of its liabilities;

and in paragraph (c) ‘liabilities' includes -