July 10, 2020
Judgment has recently been handed down in Re CGL Realisations Limited (Formerly Comet Group Limited) (In Liquidation) [2020] EWHC 1707 (Ch).
The court considered whether a subsidiary company and its ultimate parent were connected within the meaning of s. 435(10)(b) of the Insolvency Act 1986, where the subsidiary is alleged to have made a preferential payment in the context of a wider transaction leading to the sale of its shares. The decisions in Re Kilnoore Ltd, Unidare plc v Cohen [2005] EWHC 1410 (Ch) and ‘Box Clever’ Granada UK Rental & Retail Ltd v the Pensions Regulator [2019] EWCA Civ 1032 were considered.
Tiran Nersessian acted on behalf of the successful liquidator. The full judgment can be found here
