The company had been given permission to cancel a share premium account. Changes in circumstances brought the matter back for reconsideration. Judges: The Lord Chief Justice Of England, Lord Justice Otton And Lord Justice Robert Walker Citations: [1999] EWCA Civ 1732, [1999] 2 BCLC 591, [2000] BCC 455, [1999] EWCA Civ 1732, [2000] BCC 455, … Continue reading Winpar Holdings Ltd v Ransomes Plc: CA 1 Jul 1999
Challenge to validity of mortgages executed by company – allegation that funds used for financial assistance in purchase of own shares – effect on loan.Toulson LJ approved the case of Waugh v Morris, saying: ‘130 years later, this statement of the law has added importance because of the explosion in the number of statutory regulations … Continue reading Anglo Petroleum Ltd and Another v TFB (Mortgages) Ltd: CA 16 May 2007
The company sought to say that loans of 15 million pounds were void under s151 of the 1985 Act. It was said that the loans infringed the provisions of s151 being unlawful financial assistance. Held: The loans were valid: ‘if it is lawful for a company to repay its own indebtedness and there is a … Continue reading Anglo Petroleum Ltd v TFB (Mortgages) Ltd: ChD 24 Feb 2006
The proposed landlord had sealed the lease, but the tenant was to seal and deliver his part by a certain date. The respondent purported to complete the lease later. Held: Under the 1985 Act completion would require writing, intention and delivery. Sealing was insufficient. Section 74 of the 1925 Act did not refer to delivery. … Continue reading Bolton Metropolitan Borough Council v Torkington: CA 31 Oct 2003
An employment agreement contravening section 151 of the 1985 Act is unenforceable. The obvious mischief to which section 151 is directed is the case of a bidder financing his bid from the funds of the company acquired. The larger purpose had to be something other than the acquisition of shares, however beneficial the acquisition was … Continue reading Brady v Brady: HL 1988
Mr Qabazard conspired with others to defraud the Kuwait Oil Tanker Company SAK and Sitka Shipping Inc of large sums of money. On 16 November 1998 Moore-Bick J gave judgment against him for over US$130m. Historically sums had been placed with the defendant, and garnishee orders were sought. Held: It is not correct to characterise … Continue reading Kuwait Oil Tanker Company SAK and others v UBS AG, Qabazard: HL 12 Jun 2003
