Section 158 | Meaning of “equity holder”

(1)An equity holder of a company (“the relevant company”) is any person who—

(a)holds ordinary shares in the company (see section 160), or

(b)is a loan creditor of the company in relation to a loan other than a normal commercial loan (see section 162).

(2)For the purposes of subsection (1)(b) a person is a loan creditor of a company if the person is a creditor in respect of any redeemable loan capital issued by the company or in respect of a debt incurred by the company—

(a)for any money borrowed or capital assets acquired by the company,

(b)for any right to receive income created in favour of the company, or

(c)for consideration the value of which to the company was, at the time when the debt was incurred, substantially less than the amount of the debt (including any premium on the debt).

(3)Subsection (1) is subject to section 159.