In subsection (9), substitute the following for paragraph (c):

"(c) 'net assets', in relation to a company, means the aggregate of the company's assets less the aggregate of its liabilities, and for this purpose 'liabilities' includes -

(i) any provision (within the meaning of the Sixth Schedule to the Principal Act) that is made in Companies Act individual accounts except to the extent that that provision is taken into account in calculating the value of any asset to the company,

(ii) any provision for liabilities within the meaning of paragraph 70 of the Schedule to the Companies (Amendment) Act 1986 that is made in Companies Act individual accounts, and

(iii) any provision that is made in IFRS individual accounts.".