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Interpretation of a contract: meaning of subsidiary - Enviroco Ltd v Farstad Supply AS 2009

• Norton Rose Fulbright LLP
• -
• United Kingdom
• -
• January 15 2010

In December 2009, the Court of Appeal overturned a High Court decision and held that as a result of a holding company’s pledge to a bank of shares in its subsidiary and the registration of the shares in the name of the bank’s nominee as security (the security was governed by Scottish law), the subsidiary ceased to be a subsidiary of the holding company within the meaning of sections 736 and 736A Companies Act 1985 (CA 1985