Anglo Petroleum Ltd v TFB (Mortgages) Ltd
Appearance
Anglo Petroleum v TFB (Mortgages) Ltd | |
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Court | Court of Appeal of England and Wales |
Full case name | Anglo Petroleum Limited & Paul Sutton v TFB (Mortgages) Limited |
Decided | May 16, 2007 |
Citation | [2007] EWCA 456 |
Court membership | |
Judges sitting | Mummery LJ, Smith LJ, Toulson LJ |
Case opinions | |
Toulson LJ | |
Keywords | |
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Anglo Petroleum v TFB (Mortgages) Ltd [2008] 1 BCLC 185 is a UK company law case concerning financial assistance.
Facts
[edit]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
[edit]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.