Order of the Supreme Court
28/07/2010 5:00pm
UK Regulatory
TIDMCTT
RNS Number : 1021Q
Cattles PLC
28 July 2010
Cattles PLC
28 July 2010
28 July 2010
Cattles plc - Order of the Supreme Court
On 13 May 2010, the Court of Appeal unanimously upheld the decision of the High
Court on the application of Cattles plc (the "Company") to seek a determination
in relation to whether the terms contained within certain cross-guarantee
documentation operate to subordinate the Company's claims against its
subsidiaries, including Welcome Financial Services Limited, to the claims of
certain bank creditors, as explained in the announcement of the Company on 13
May 2010.
Following the order of the Court of Appeal, Party A applied to the Supreme Court
for permission to appeal the Court of Appeal's decision.
The Company has today been notified that, on 26 July 2010, the Supreme Court
ordered that permission to appeal the Court of Appeal's decision be refused
because the application to appeal "does not raise an arguable point of law of
general public importance which ought to be considered by the Supreme Court at
this time, bearing in mind that the case has already been the subject of
judicial decision and reviewed on appeal".
Consequently, the application of the Company has been finally determined to the
effect that the Company's claims against its subsidiaries are subordinated to
the claims of certain bank creditors.
ENDS
For further information:
Margaret Young, Chairman, Cattles plc 020 7269 7252
Geoffrey Pelham-Lane/Paul Marriott, Financial Dynamics
This information is provided by RNS
The company news service from the London Stock Exchange
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