Prudential Assurance Company Ltd and others Luctor Limited and others v PRG Powerhouse Limited and other and Anthony Murphy and others (Record no. 107005)

MARC details
000 -LEADER
fixed length control field 02221cad a22001935a 4500
001 - CONTROL NUMBER
control field L138112
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 070517e2007 xxk f 000 0 eng d
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u138112
041 0# - LANGUAGE CODE
Language code of text/sound track or separate title eng
245 00 - TITLE STATEMENT
Title Prudential Assurance Company Ltd and others Luctor Limited and others v PRG Powerhouse Limited and other and Anthony Murphy and others
Medium [electronic resource]
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2007
520 ## - SUMMARY, ETC.
Summary, etc. [2007] EWHC 1002 (Ch) 1 May 2007. Concerned whether a company voluntary arrangement was effective to release a parent company from liability in respect of guarantees provided by it to landlords of premises let to its subsidiary. The subsidiary, with financial support from its parent company, had acquired a number of high street stores and superstores. The landlords had taken parent company guarantees or indemnities from the parent company in respect of the subsidiary 's obligations under the leases. The subsidiary had got into financial difficulties and wished to close a number of stores and to enter into a CVA under which those who were creditors in respect of the premises to be closed would receive 28p in the £ funded by the parent company, while the rights and obligations of other creditors would be unaffected. The landlords challenged the CVA as unfairly prejudicial under the Insolvency Act 1986 s.6 and sought declarations that it was invalid or ineffective in so far as it purported to affect the rights of the landlords. "Held": Each creditor was a party to the arrangement by virtue of being, and in the capacity of, a creditor of the company. It was the company, and not any third party, which had the benefit of, and could enforce the rights and obligations conferred by the CVA. The hypothetical agreement resulting from approval of a CVA was not therefore one between creditors as to rights and obligations between themselves in a capacity other than as creditors of the company.
590 ## - LOCAL NOTE (RLIN)
Local note KA NTK
650 24 - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element INSOLVENCY ACT 1986 S6
651 #4 - SUBJECT ADDED ENTRY--GEOGRAPHIC NAME
Geographic name England and Wales
Chronological subdivision 1543-
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element PROPERTY-LANDLORD AND TENANT-TENANCIES-FORFEITURE OF TENANCIES
856 40 - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.bailii.org/ew/cases/EWHC/Ch/2007/1002.html">https://www.bailii.org/ew/cases/EWHC/Ch/2007/1002.html</a>
Public note View the item free of charge at www.bailii.org...
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     Virtual Virtual Online 17/05/2007   ONLINE PUBLICATION 138112-2001 06/08/2019 1 06/08/2019 Law report