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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

01 MAY 2012

Re TXU Group plc [2011] EWHC 2072 (Ch); [2012] BPIR 463

(Chancery Division, Newey J, 12 July 2011)

The company had entered into administration and subsequently a CVA. Newey J refused to sanction payments proposed to be made to its parent company on the termination of the CVA because it would amount to an unlawful return of capital to a shareholder, even though the company's creditors, who had been fully paid under the CVA, could not be prejudiced.

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