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Legal Corner


went to a business meeting yesterday that was arranged by a client to promote a property development project to potential investors. My role was to explain how the investors’ capital could be secured by mortgage or charge over the property so if all did not go according to plan then there would be a prospect of recovering money in a subsequent sale of the property. It must have been obvious to all present that I was the lawyer because I was the only one on the sunny veranda of a smart hotel sipping iced water in a business suit. After my words of caution and a short discourse on risk and how to make the most of tax breaks that are designed to encourage investment, I dealt with


I


by Owen Hill, Consultant Solicitor of Wollen Michelmore Solicitors


MONEY YOU CAN AFFORD TO LOSE


a few polite questions and finished my glass of water. My client thanked me and then invited one of the others to make his presentation. I had no idea what was coming.


Wollen Michelmore SOL I C I TOR S


The South Devon Law Firm


The guy was a writer and director with five cinema releases under his belt. He was casually dressed with a discreet earring and lightly tattooed. He explained how he began his career making short films with no name actors before achieving recognition and winning the budget to secure some A-list artists to appear in his latest work. He showed a trailer of a film that he has just made that is due to be launched at one of the festivals before being released for distribution. His audience was salivating.


The experience, dedication and values to support you, your family and your business


The prospect of a double digit return on refurbishment of a run down hotel did not really stand a chance when compared to the promise of meeting the stars and seeing your name in the credits at the end of the movie when premiered in the west end. As some reached for their cheque books – it occurred to me that there had been no financial aspect in the pitch. No paper appraisal or spread sheet illustrating anything with numbers.


Torquay • Newton Abbot • Paignton • Dartmouth


www.wollenmichelmore.co.uk T: 01803 213251


This firm is authorised and regulated by the Solicitors Regulatory Authority (No.563758)


Some one had to ask – so I did and immediately wished that I had kept my mouth shut. The answer to the question “What sort of returns do you expect?” was completely honest. He said: “No idea – you could lose it all or get back ten times – but it will be fun.” Someone else will have to fund the development of the hotel because the money in the room was pledged to the making of the movie. See you at the premiere!


Dartmouth Office: 01803 213251


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