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My client company has raised £750 000 through a share issue to finance the construction and set up costs of a new factory extension. All of the enterprise investment scheme (EIS) requirements are met and all appropriate returns have been made to HMRC.
The plan was that all of the money would have been spent well within the two-year limit which expires in a couple of months’ time.
Unfortunately we have learned that there has been a major difficulty with one of the main contractors who was to have provided much of the IT infrastructure. I have just heard that the firm has now become insolvent and will not be able to fulfil the contact. Luckily my client has not paid this contractor in advance for the work it was supposed to do so has lost only a small amount of money.
But there is now a problem. To...
