Par Value meaning

This Practice Note summarises the principal factors and illustrative calculations for deciding whether to elect under section 425 or section 431 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), or to make no election, on acquiring restricted securities. For further background, see the following Practice Notes: What are restricted securities? Restricted securities—tax treatment and joint elections Guidance on making a valid restricted security election The question of whether a section 425 or section 431 election (or no election) should be made is examined using the example set out below. Factual background An incoming director of a private company pays £100 to subscribe for 100 shares in the company at par, provided as a ‘golden hello’. If, within five years of acquisition, the director does not meet specified performance conditions, resigns voluntarily, or is dismissed (including, but not limited to, for misconduct), the director must transfer the shares to a designated shareholder for an amount equal to the...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

A company with a share capital can issue several classes of share, each carrying distinct rights. A company without a share capital may likewise have different classes of member with varying entitlements. The presence of multiple share classes or categories of member within a company may result in class rights arising. Where class rights exist, they may only be altered in the manner allowed by the Companies Act 2006 (CA 2006). Different types of shares In a limited company that has share capital, every share must have a fixed nominal value (as mandated by CA 2006, s 542) and will generally be given a designation or name, for example ordinary shares of £1 each. The nominal (par) value is the fixed monetary figure by which a share is denominated and defines the shareholder’s liability to contribute to the company’s assets on a winding up. Any consideration paid or agreed to be paid on allotment above the nominal amount is share premium. The designation attached to a share commonly...

Reasons for believing employee may not have had equality of terms I contend my terms are not on a par with my comparators. I hold the role of [ insert claimant’s job ] yet am paid less than comparators who are [ insert comparator’s job ]. At my workplace, other [ insert claimant’s job ] are almost entirely [ female OR male ]. The comparators, being [ insert comparators’ job ], are wholly [ male OR female ]. They are awarded productivity bonuses that are not given to [ insert claimant’s job ]. Alternatively, I serve as [ insert claimant’s job ]; my immediate predecessor was [ male OR female ], and I understand [ he OR she OR they ] received a superior remuneration package to mine, including bonuses. Comparators Provide the names or job titles of the selected comparators. Other questions Include any additional questions. Entitlement to claim Do you acknowledge that I am an [ employee OR public...