Anglo Petroleum Ltd v TFB (Mortgages) Ltd

Anglo Petroleum v TFB (Mortgages) Ltd [2008] 1 BCLC 185 is a UK company law case concerning financial assistance.

Anglo Petroleum v TFB (Mortgages) Ltd
CourtCourt of Appeal of England and Wales
Full case name Anglo Petroleum Limited & Paul Sutton v TFB (Mortgages) Limited
DecidedMay 16, 2007 (2007-05-16)
Citation[2007] EWCA 456
Court membership
Judges sittingMummery LJ, Smith LJ, Toulson LJ
Case opinions
Toulson LJ
Keywords

Facts

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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

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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.

See also

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Notes

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References

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