{
  "url": "https://openlegislation.uk/companies-act-2006/section-681",
  "json_url": "https://openlegislation.uk/companies-act-2006/section-681.json",
  "legislation": "ukpga/2006/46",
  "legislation_title": "Companies Act 2006",
  "legislation_url": "https://openlegislation.uk/companies-act-2006",
  "path": "section/681",
  "kind": "section",
  "number": "681",
  "heading": "Unconditional exceptions",
  "text": "(1) Neither section 678 nor section 679 prohibits a transaction to which this section applies.\n(2) Those transactions are—\n(a) a distribution of the company's assets by way of—\n(i) dividend lawfully made, or\n(ii) distribution in the course of a company's winding up;\n(b) an allotment of bonus shares;\n(c) a reduction of capital under Chapter 10 of Part 17;\n(d) a redemption of shares under Chapter 3 or a purchase of shares under Chapter 4 of this Part;\n(e) anything done in pursuance of an order of the court under Part 26 or 26A (order sanctioning compromise or arrangement with members or creditors);\n(f) anything done under an arrangement made in pursuance of section 110 of the Insolvency Act 1986 (c. 45) or Article 96 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) (liquidator in winding up accepting shares as consideration for sale of company's property);\n(g) anything done under an arrangement made between a company and its creditors that is binding on the creditors by virtue of Part 1 of the Insolvency Act 1986 or Part 2 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 681(2)(e) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 34 (with ss. 2(2), 5(2))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2006/46/section/681",
    "retrieved_at": "2026-10-29T09:13:40.060156+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}