Carey Street Investments Ltd (In Liquidation) & anr (claimants/appellants) v Brown & anr (defendants/respondents)
Tuesday 23 – Thursday 25 April 2024
By Appellant’s Notice filed on 4 July 2023, this is an appeal against the Judgment, dated 28 April 2023 and the consequent Order dated 13 June 2023, of Robin Vos, sitting as a Deputy High Court Judge in the Business and Property Courts in which he dismissed the Appellants’ Claims.
The claims involved allegations of tax evasion relating to the affairs of two claimant companies, now in liquidation. Equity Trust was the ultimate owner of the claimant companies. The D1, Mr Brown, joined Equity Trust as an executive director in July 2004. He became a director of the claimant companies. The claimant companies say that, in breach of his duties as director, Mr Brown, with a view to the evasion of corporation tax on capital gains by the claimant companies, agreed to the transfer of the properties owned by them to their parent companies at a substantial undervalue. The also say that D1 improperly agreed to the payment by the owner of property in Carey Street, CSI, to its parent company of interest and management charges which were not justified, to evade tax. The Judge dismissed the claims.
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