“…The third case is Belmont Finance Corp v Williams Furniture Ltd (No 2) [1980] 1 All ER 393. In that case Williams owned all the shares in City which in turn owned all the share in Belmont. Mr Grosscurth and his associates owned the shares in Maximum.…”
“…In Belmont Finance Corporation v Williams Furniture Ltd (No 2) [1980] 1 All ER 393, this court took a very different approach. I am grateful to Arnold LJ for summarising the facts of this complex case. The case was one where money emanating f…”
“…lthough the transaction was formally approved by the Board and completed under the company's seal: see Belmont Finance Corp Ltd v Williams Furniture Ltd (No 2) [1980] 1 All ER 393 at 398. If the fraudulent agent cannot raise the defence of illegality in these circumstances, the same must be true of third parties who are under an ancillar…”