‘Burnley Hall brought a claim for specific performance of a put option agreement. The agreement was part of a broader transaction by which the claimant, a limited liability partnership, entered into a joint venture for the development of student accommodation. The venture was entered into on condition that Business Premises Renovation Allowances (under Part 3A of the Capital Allowances Act 2001) would be available and in the event that they were not, Burnley Hall secured the right to extricate itself from the transaction by exercising a put option to require the defendants to take back the leases they had granted and to repay the sums invested by the individuals behind the LLP.’
Falcon Chambers, 14th November 2017
Source: www.falcon-chambers.com
