Anglo Petroleum Ltd v TFB (Mortgages) Ltd

Anglo Petroleum v TFB (Mortgages) Ltd

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(s)	[2007] EWCA 456
Case opinions
Toulson LJ
Court membership
Judge(s) sitting	Mummery LJ, Smith LJ, Toulson LJ
Keywords
Share Financial assistance

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.

Sources on company shares

Birch v Cropper (1889) 14 App Cas 525

Andrews v Gas Meter Co [1897] 1 Ch 361

Borland’s Trustee v Steel Brothers & Co Ltd [1901] 1 Ch 279

CA 2006 ss 33 and 282-4

Scottish Insurance Corp v Wilsons & Clyde Coal Ltd [1949] AC 462

Dimbula Valley (Ceylon) Tea Co v Laurie [1961] Ch 353

Will v United Lankat Plantations Co Ltd [1914] AC 11

Re Bradford Investments Ltd [1991] BCLC 224

Second Company Law Directive 77/91/EEC

CA 2006 ss 549-551 and 561-571

CA 2006 ss 10 and 617

Re Scandinavian Banking Group plc [1988] Ch 87

see UK company law

UK company law

Notes

References

External links

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