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Anglo Petroleum v TFB (Mortgages) Ltd [2008] 1 BCLC 185

By Oxbridge Law TeamUpdated 04/01/2024 07:05

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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