The WLR Daily case summaries
[2023] WLR(D) 257
Chancery Division
In re Bitumina Industries Ltd (in administration)
Manning and another v Neste AB and another
[2022] EWHC 2578 (Ch)
2022 July 14; Oct 12
Simon Gleeson sitting as a deputy High Court judge
Insolvency— Adjustment of prior transactions— Floating charge— Company entering into agreement with director to buy shares in return for loan notes secured by floating charge— Director transferring shares and company granting charge on same day several months after execution of agreement— Company subsequently going into administration— Floating charge granted to person connected with company prior to its insolvency prima facie invalid— Whether charge granted to director created for “consideration” consisting of “money paid, or goods or services” supplied and therefore exempt from invalidation —
Insolvency Act 1986 (c 45), s 245(2)