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England and Wales High Court (Chancery Division) Decisions |
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You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> Castle Holdco 4 Ltd, Re [2009] EWHC 3919 (Ch) (23 March 2009) URL: http://www.bailii.org/ew/cases/EWHC/Ch/2009/3919.html Cite as: [2009] EWHC 3919 (Ch) |
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CHANCERY DIVISION
COMPANY COURT
The Strand London WC2A 2LL |
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B e f o r e :
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IN THE MATTER OF CASTLE HOLDCO 4 LIMITED | ||
IN THE MATTER OF COUNTRYWIDE PLC | ||
IN THE MATTER OF BALANUS LIMITED | ||
IN THE MATTER OF SECUREMOVE PROPERTY SERVICES 2005 LIMITED | ||
IN THE MATTER OF COUNTRYWIDE ESTATE AGENTS (UNLIMITED COMPANY) | ||
IN THE MATTER OF COUNTRYWIDE ESTATE AGENTS FS LIMITED | ||
IN THE MATTER OF COUNTRYWIDE SURVEYORS LIMITED | ||
IN THE MATTER OF COUNTRYWIDE PROPERTY LAWYERS LIMITED | ||
IN THE MATTER OF SLATER HOGG MORTGAGES LIMITED | ||
IN THE MATTER OF COUNTRYWIDE FRANCHISING LIMITED | ||
IN THE MATTER OF COUNTRYWIDE ESTATE AGENTS (SOUTH) LIMITED | ||
("the companies) | ||
-and- | ||
IN THE MATTER OF THE COMPANIES ACT 2006 |
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WordWave International Limited
A Merrill Communications Company
165 Fleet Street, London EC4A 2DY
Tel No: 020 7404 1400, Fax No: 020 7404 1424
Official Shorthand Writers to the Court)
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Crown Copyright ©
facility and they rank pari passu between themselves. The difference between them is that until 2011, in the case of the Payment In Kind Election Notes, Castle Holdco has the option effectively to roll up interest. There is the further slight difference that the rate of interest between the two notes is on that account different.
documents themselves contain a provision that Castle Holdco shall treat the common depository or its nominee as the absolute owner of the global security for all purposes. However, the security documentation does contain a mechanism whereby the beneficial owner can upon request become a direct creditor of Castle Holdco.
"The test is based on similarity or dissimilarity of legal rights against a company not on similarity or dissimilarity of interests not derived from such legal rights. The fact that individuals may hold divergent views based on their private interests not derived from their legal rights against a company is not a ground for calling separate meetings."