Michaels and another v Harley House (Marylebone) Ltd
Language: English Series: Weekly Law Reports ; [1997] 1 WLR 967-991(24)Publication details: 1997Subject(s): Summary: ChD 3 March 1997. Company T owned the freehold on a block of flats when in 1993 company F offered to buy the building. To avoid the tenants acquiring statutory rights to acquire the reversion a scheme was devised where the freehold would be transfered to the defendant H, a subsidiary of T that was formed for the purpose. T entered into a property sale agreement with F and enabling completion, to advance a sum on the terms of loan notes. On the same date T entered into a share sale agreement to sell shares in H and the loan notes to F. Whilst the property transfer was dated 25 March, the share and loan note transfer, which essentially had to take effect before the property transfer, were mistakenly dated 24 March. In October 1996 tenants M sought information on the transfer and a declaration that it involved a `relevant disposal`. Action dismissed.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS57328 (Browse shelf(Opens below)) | 1 | Available | 79629-1001 |
ChD 3 March 1997. Company T owned the freehold on a block of flats when in 1993 company F offered to buy the building. To avoid the tenants acquiring statutory rights to acquire the reversion a scheme was devised where the freehold would be transfered to the defendant H, a subsidiary of T that was formed for the purpose. T entered into a property sale agreement with F and enabling completion, to advance a sum on the terms of loan notes. On the same date T entered into a share sale agreement to sell shares in H and the loan notes to F. Whilst the property transfer was dated 25 March, the share and loan note transfer, which essentially had to take effect before the property transfer, were mistakenly dated 24 March. In October 1996 tenants M sought information on the transfer and a declaration that it involved a `relevant disposal`. Action dismissed.