Where a company has passed a resolution for reducing share capital, it may apply to the court for an order confirming the reduction.
If the proposed reduction of capital involves either—
diminution of liability in respect of unpaid share capital, or
the payment to a shareholder of any paid-up share capital,
section 646 (creditors entitled to object to reduction) applies unless the court directs otherwise.
The court may, if having regard to any special circumstances of the case it thinks proper to do so, direct that section 646 is not to apply as regards any class or classes of creditors.
The court may direct that section 646 is to apply in any other case.