Administrators cancel £8m loan transfer from debtor LC&F

By Alex Baldwin (July 8, 2022, 6:50 p.m. BST) – A London judge has ruled that an attempt by the principal debtor to frustrate mini-bond lender London Capital & Finance from assigning its rights to an 8 million loan of pounds sterling ($9.6m) for £1 was zero, concluding that the board had not signed the deal.

Judge Sally Barber backed a request by the directors of London Oil and Gas Ltd. to revoke an assignment of the loan facility against one of its borrowers to LPE Support Ltd., claiming that one of the company’s directors entered into the agreement without the board’s consent.

Judge Barber found it…

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