Anglo Petroleum v TFB (Mortgages) Ltd [2008] 1 BCLC 185
Judgement for the case Anglo Petroleum v TFB (Mortgages) Ltd
Table Of Contents
Target company owed money to parent company. Target entered into agreement with parent whereby it agreed repayment schedule for some of the debt and granted security over its assets; in return, parent wrote off rest of the debt. On same day, purchaser bought target company.
Was later argued that security agreement was financial assistance to purchaser.
Held
As matter of commercial reality, security agreement was price target company had to pay for obtaining a reduction in its debt
Thus was not financial assistance.
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