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English High Court assesses whether a funder’s security over the assets of the borrowing entity includes the proceeds of tax credit payments

Introduction

The recent case ofPlant & Plant (administrators of Relentless Software Ltd) v Vision Games 1 Ltd & Ors1 concerns the attempt of a funder of a video games developer to recover the proceeds of a tax credit payment made by HMRC to the developer, pursuant to the security that had been granted by the developer to the funder.

In assessing whether the funder could recover such sums, the High Court was asked to consider various issues, including:

United Kingdom, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, HM Revenue and Customs (UK), High Court of Justice (England & Wales)