| 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 (2007-05-16) |
| 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 1 BCLC 185 is a UK company law case concerning financial assistance.
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.
See also
| Sources on company shares | |
|---|---|
| Birch v Cropper (1889) 14 App Cas 525 | |
| Andrews v Gas Meter Co 1 Ch 361 | |
| Borland’s Trustee v Steel Brothers & Co Ltd 1 Ch 279 | |
| Companies Act 2006 ss 33 and 282-4 | |
| Scottish Insurance Corp v Wilsons & Clyde Coal Ltd AC 462 | |
| Dimbula Valley (Ceylon) Tea Co v Laurie Ch 353 | |
| Will v United Lankat Plantations Co Ltd AC 11 | |
| Re Bradford Investments Ltd BCLC 224 | |
| Second Company Law Directive 77/91/EEC | |
| Companies Act 2006 ss 549-551 and 561-571 | |
| Companies Act 2006 ss 10 and 617 | |
| Re Scandinavian Banking Group plc Ch 87 | |
| see UK company law |