Brinphar Ltd & Ors v Ever Bright Inn Ltd & Ors
The leases, including Schedule 5, remained valid estates in land and did not defease or convert into licences upon disclaimer of the sub-leases. The Defendants, as successors, are bound by the leases and Schedule 5. The arrangements collectively constitute a CIS under s.235 FSMA. Only Aloe Vera (Llandudno Bay) and EBI (Belmont) actively operated the CIS and thus breached s.19 FSMA; the other Defendants did not operate a CIS. Remedies under s.26 FSMA are not available against the Defendants as successors; Claimants are entitled to enforce the leases but not to restitution or compensation under…
Source excerpt
- Collective investment schemes (cis)
- Unlawful collective investment schemes (ucis)
- Leases and licences
- Disclaimer of onerous property
- Successor liability
- Remedies under fsma