Citation(s) [2007] EWCA 456 | End date May 16, 2007 | |
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Full case name Anglo Petroleum Limited & Paul Sutton v TFB (Mortgages) Limited Decided May 16, 2007 (2007-05-16) Judge(s) sitting Mummery LJ, Smith LJ, Toulson LJ Ruling court Court of Appeal of England and Wales | ||
Anglo Petroleum v TFB (Mortgages) Ltd [2008] 1 BCLC 185 is a UK company law case concerning financial assistance.
Contents
Facts
A company in trouble, undergoing restructuring, undertook to pay back money after its acquisition. Repsol, the seller of shares, was only willing to sell if it received £15m. The company agreed to pay £15m to the parent, and the company’s shares were then sold for £1.
Judgment
The court held this was not financial assistance, because the agreed payment merely reduced the shares’ value to £1, rather than assisting in the purchase of the shares.
References
Anglo Petroleum Ltd v TFB (Mortgages) Ltd Wikipedia(Text) CC BY-SA