Fundraising for International Group
Acted as reporting accountants to the flotation on the London Stock Exchange of an international Group involved in residential developments in Malaysia and Vietnam.
Worked with nomads, brokers, financial and legal advisers in the UK, Jersey, Malaysia and Hong Kong to achieve a successful float.
Advised tax implications of investing in real estate and corporate structure, including the impact of changing tax
regulations in both Malaysia and Vietnam.
The company had a market capitalisation of US $162m on admission to the Main Market of the London
Stock Exchange. Act as international auditors of the Group with Mazars in Singapore, Malaysia and Vietnam auditing
Repatriation of property
Our client wished to transfer property held in Isle of Man trusts into UK companies and Limited Liability Partnerships.
There were separate challenges as the property in each trust was structured differently. We needed to look through several layers of ownership, including UK limited partnerships, IOM companies, UK companies and advise on the tax implications of the potential transfers.
We analysed the tax consequences of importing the trust property, incorporating recent legislative changes, to establish the most tax effective level at which the trust property should be imported – transferring the property, the company shares or the partnership interest.
Our client was able to bring all property back to the UK directly into the required companies/LLPs. The transfers were structured to ensure that no direct or indirect tax was payable as a result of the transfers back to the UK.
Although these were both Isle of Man structures the principles may apply equally to other offshore
Construction company administration
Appointed by the Board of Directors as administrators to a construction company, with a turnover of £25m p/a operating in the social housing sector.
Worked alongside the directors, employees, solicitors and quantity surveyors to obtain the maximum realisations for creditors.
There were technical issues regarding the trust status of £200k of employer’s monies paid to the company, for onward payment to sub contractors. A robust defence was required to secure these funds for a dividend payout to creditors.
We negotiated a sale of two of the company’s subsidiary companies, thereby safeguarding the jobs of 20 people. An application has been made to Court for directions as to the beneficiary of the “trust fund” monies.
Succession planning protecting assets
Appointed by the Board of Directors to agree a way of extracting a property from the balance sheet prior to the sale of the business.
Worked alongside the directors, solicitors and corporate finance team to sell a property owned by the business to the pension fund of the directors.
There were no pension arrangements in place for the directors, so in specie contributions of the property were made into new schemes. The challenge was to complete the contributions before the contracts were exchanged tax efficiently.
The properties were successfully moved, by contribution, into the individual schemes of the Directors. These contributions were treated as a business expense and the properties are now owned tax efficiently by the individual directors.