Section 195(2)

The arrangement, and any transaction entered into in pursuance of the arrangement (whether by the company or any other person), is voidable at the instance of the company, unless— restitution of any money or other asset that was the subject matter of the arrangement or transaction is no longer possible, the company has been indemnified in pursuance of this section by any other persons for the loss or damage suffered by it, or rights acquired in good faith, for value and without actual notice of the contravention by a person who is not a party to the arrangement or transaction would be affected by the avoidance.

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Source: legislation.gov.uk · retrieved 2026-09-04 · Text as consolidated on 2026-07-16; changes after this date are not shown.