A company may only make a distribution out of profits available for the purpose.
A company's profits available for distribution are its accumulated, realised profits, so far as not previously utilised by distribution or capitalisation, less its accumulated, realised losses, so far as not previously written off in a reduction or reorganisation of capital duly made.
Subsection (2) has effect subject to sections 832 , 833A and 835 (investment companies and Solvency 2 insurance companies).