“… needs to be considered at somewhat greater length. The principle relied on by Mr Temmink is that stated by Lord Walker JSC in Progress Property Co Ltd v Moore [2010] UKSC 55 (“Progress Property”) at [1] as follows:…”
“… to do with AIG being a shareholder, so that, looking at the true purpose and substance of the transaction (relying on Lord Walker in Progress Property v Moore [2010] UKSC 55; [2011] 1 WLR 1 at [27]) there was no question of an unlawful distribution.…”