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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

07 SEP 2011

Re TXU Group plc (Newey J, Chancery Division, 12 July 2011); [2011] BPIR (forthcoming)

The company had entered into administration and subsequently a company voluntary arrangement. The Court 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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