The Financial Services and Markets Act 2000 (Collective Investment Schemes) (

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The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) (No.2) Order 2008 No. 1813

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Re: Collective Investment Schemes: Does a purchase between family constitute a CIS

Hi I was wondering whether anyone can help. We as a family invested in a property purchase and drafted an agreement (without the advise of a solicitor). However the property suffered a huge drop in value after the property crash. We have been holding onto the property until the value reaches a decent level with a view to sell. We are being sued by family members for the original amount plus interest stating that what we did constituted a collective investment scheme or a loan where we were not qualified to enact. Any views will be appreciated. We have engaged solicitors and counsel who seem to state that we have a good case to defend but would be grateful for feedback as costs we can claim are limited even if we win as its in a county court. Also as the claim collectively is £250K I was wondering whether this exceeded the limit in county courts!