UK: Supreme Court considers whether transaction was unlawful distribution of capital

The Supreme Court handed down its judgment today in Progress Property Company Limited v Moorgarth Group Limited [2010] UKSC 55: see here (pdf). A summary is available here (pdf). The court unanimously held that the transaction in question was not an unlawful distribution and set out guidance in this regard. The ICLR, as part of its WLR Daily Service, has published a summary of the judgment here.