We helped the former owner of a football club and theatre group in a case arising from an investment made into an events company by two venture capitalist trusts. The trusts were controlled by a private equity firm specialising in the media industry, which marketed tax mitigating investments particularly in games and film.
In 2017, the events company ran an unsuccessful exhibition. The company then sued our client under an investment agreement which contained an indemnity requiring him to make good the company’s losses.
Our client defended the claim, counterclaimed and brought in the venture capitalist trusts as Part 20 defendants, alleging that they fraudulently misrepresented the investment’s tax status.