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For example, a reduction of share capital using the UK solvency statement procedure only takes effect in law when it is actually registered with Companies House.

The agreement could specify, amongst other things, that costs and revenue would be apportioned by reference to the historic effective date, with adjusting payments being made accordingly.

This type of arrangement would not bind third parties, but it may be effective from an accounting and tax perspective depending on the length of time which has elapsed since the intended historic effective date.

You will also need to consider two other things from a legal perspective.

Firstly, additional formalities may be needed to complete the legal transfer of assets or granting of rights.

In the US, however, there seems to be have been much more consideration of the issue (at least according to my Google search results).

Despite recent controversies surrounding the backdating of executive stock options, the general attitude in the US is that backdating is not wrong (or right), per se.

Even though the transaction may have already happened in substance, it’s important to find out what the other legal consequences may be, so that steps can be taken to mitigate the risks.

These two general areas mean that some legal due diligence should be carried out to identify and address areas for corrective action.

Documenting a transaction which has not yet happened In other cases, it may not be possible to say that the relevant transaction has already taken place – but you may still want to achieve a ‘backdated’ effect.

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