Company Law Bill [HL]

As the Minister points out, this is pretty technical stuff. It is fair to say that he has repeated the substance of our point—namely, that there will be a momentary scintilla of time whereby capital will be zero pending the reallocation. That is the guts of the point that we seek to make: as currently drafted, that is not permitted because there will not be one member of the company holding shares for that moment in time. I think that we are groping towards the same answer and certainly our expert representations suggest that the problem arises because the drafting has been lifted from another part of the Bill which does not transpose happily. I hope that the Minister will be able to check this with the experts, because it is an important area for the reorganisation and recapitalisation of British industry. I beg leave to withdraw the amendment. Amendment, by leave, withdrawn.