McMAHON AND SMITH v. AGF HOLDINGS (UK) LTD. AND OTHERS NATIONAL EMPLOYERS MUTUAL GENERAL INSURANCE ASSOCIATION LTD. v. SAME
 LRLR 159
CHANCERY DIVISION(COMPANIES COURT)
Mr. Justice LIGHTMAN:
Reinsurance contract - Damages - Net loss approach - Insurance company sold subsidiary under business sale agreement - Liquidation of insurance company imminent - Direct payment arrangement introduced - Whether insurance company suffered any recoverable damage or loss by virtue of direct payment arrangement.