# Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (codification) (Text with EEA relevance), Article 155: Definition of a ‘division by the formation of new companies’

Extent: E+W+S+N.I.

1. For the purposes of this Chapter, ‘division by the formation of new companies’ means the operation whereby, after being wound up without going into liquidation, a company transfers to more than one newly-formed company all its assets and liabilities in exchange for the allocation to the shareholders of the company being divided of shares in the recipient companies, and possibly a cash payment not exceeding 10 % of the nominal value of the shares allocated or, where they have no nominal value, of their accounting par value.
2. Article 90(2) shall apply.

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Source: https://www.legislation.gov.uk/eudr/2017/1132/article/155 (the official version)
Page: https://openlegislation.uk/eu-directive-2017-1132/article-155
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.