Financial Assistance in UK Law

Leading Cases
  • Chaston v SWP Group Plc
    • Court of Appeal (Civil Division)
    • 20 Dezembro 2002

    The prohibition was amended in 1948 and reformulated in 1981. The general mischief, however, remains the same, namely that the resources of the target company and its subsidiaries should not be used directly or indirectly to assist the purchaser financially to make the acquisition. This may prejudice the interests of the creditors of the target or its group, and the interests of any shareholders who do not accept the offer to acquire their shares or to whom the offer is not made.

    Mr Cunningham made a further submission that there was a distinction to be drawn between financial assistance given in advance of a transaction and financial assistance given in the course of a transaction. It prohibits financial assistance given "directly or indirectly" and those words are sufficiently wide to cover "pre-transactional" financial assistance. In my judgment, the distinction which Mr Cunningham seeks to draw is not borne out by the authorities which he cites in support.

  • Barclays Bank Plc and Others v British and Commonwealth Holdings Plc
    • Court of Appeal (Civil Division)
    • 28 Julho 1995

    It was submitted that as the words "financial assistance" had no technical meaning and their frame of reference was the language of ordinary commerce, the word "indemnity" should be similarly construed. The fallacy in that submission is clear. The words "financial assistance" are not words which have any recognised legal significance whereas the word "indemnity" does. It is used in the section as one of a number of words having a recognised legal meaning.

  • Connelly v RTZ Corporation Plc and Another
    • House of Lords
    • 24 Julho 1997

    I therefore start from the position that, at least as a general rule, the court will not refuse to grant a stay simply because the plaintiff has shown that no financial assistance, for example in the form of legal aid, will be available to him in the appropriate forum, whereas such financial assistance will be available to him in England.

    Even so, the availability of financial assistance in this country, coupled with its non-availability in the appropriate forum, may exceptionally be a relevant factor in this context. The question, however, remains whether the plaintiff can establish that substantial justice will not in the particular circumstances of the case be done if the plaintiff has to proceed in the appropriate forum where no financial assistance is available.

  • AA (Iraq) v Secretary of State for the Home Department
    • Court of Appeal (Civil Division)
    • 11 Julho 2017

    Regardless of the feasibility of P's return, it will be necessary to decide whether P has a CSID, or will be able to obtain one, reasonably soon after arrival in Iraq.

  • Brady v Brady
    • House of Lords
    • 19 Maio 1988

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