- Substantial property transactions—Granada Group Limited v The Law Debenture Pension Trust Corporation Plc
- Introduction and facts
- What was the background to the case?
- What were the key issues in the case?
- Did the directors acquire a 'non cash asset' for the purposes of CA 1985, s 320?
- Was the Trustee acting as a trustee of a pension scheme?
- Application to CA 2006
Corporate analysis: In this case the Court of Appeal considered the legality of the pensions arrangement for former directors of a company, in particular, whether the directors’ membership of a secured unfunded unapproved retirement benefit scheme amounted to the acquisition of a non-cash asset for the purposes of section 320 Companies Act 1985 (CA 1985) (whose successor is now to be found in section 190 of the Companies Act 2006 (CA 2006)). The case raises some interesting issues regarding how definitions of 'non-cash asset', 'interest' and 'connected person' can be construed for the purposes of CA 1985, s 320.
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