Hearings
England & Wales
12 Oct 2022 [2022] EWHC 2578 (Ch); [2023] Bus LR 1136; [2023] 1 BCLC 465; [2023] WLR(D) 257, Ch D (Simon Gleeson sitting as a deputy High Court judge)
In re Bitumina Industries Ltd
Additional names
Manning v Neste AB
Subject Matter
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)
[2022] EWHC 2578 (Ch); [2023] Bus LR 1136; [2023] 1 BCLC 465; [2023] WLR(D) 257, Ch D