Anglo Petroleum Ltd v TFB (Mortgages) Ltd
| Anglo Petroleum v TFB (Mortgages) Ltd | |
|---|---|
.svg) | |
| 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(s) | [2007] EWCA 456 |
| Court membership | |
| Judge(s) 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
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.