An appeal which will throw light on the valuation of shares when they are taken into account for insolvency purposes is heading for the House of Lords. Lords Hoffmann, Hutton and Hobhouse have given leave for an appeal in Phillips & anor v Brewin Dolphin Bell Lawrie Ltd (BDL) & anor. The case centres on a stockbroking company which went into liquidation and was wound up after selling part of its business and assets to BDL. Action was launched against BDL by the stockbroker's liquidator for payment of £1.25m for rent and damages for alleged breach of a lease agreement. The Law Lords will be asked, among other things, to decide the value of shares to be taken into account for the purposes of the Insolvency Act 1986.