>”In paying for the business of FMEL (Ferguson Marine) by reducing FMEL’s liabilities to them, they believed that they were simply transferring their own money from one pocket to another, with the transaction having no impact on their overall obligations.
>”The discovery that the choice of transaction structure had resulted in their being required to pay a little over £5million to a third party must have been highly unwelcome.”
Sounds like a “too good to be true” type situation.
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>”In paying for the business of FMEL (Ferguson Marine) by reducing FMEL’s liabilities to them, they believed that they were simply transferring their own money from one pocket to another, with the transaction having no impact on their overall obligations.
>”The discovery that the choice of transaction structure had resulted in their being required to pay a little over £5million to a third party must have been highly unwelcome.”
Sounds like a “too good to be true” type situation.