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(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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