Company Law Bill [HL]

I confess that I am puzzled. I should have said that this amendment was proposed to us by the Institute of Chartered Accountants in England and Wales. I had always understood—I think that I shall have to go back to my textbooks—that distributability of reserves was a matter for law as defined by statute and not for professional guidance. That was all that I was seeking to clarify in this amendment. However, I will look very carefully at what the Minister has said. I may well wish to return to this at a later stage. Meanwhile, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 561 agreed to. Clause 562 [Reduction of capital supported by solvency statement]: