Interservefm Ltd v Omnisure Property Management Ltd

Mr A. Thornton (instructed by Messrs Clifford Chance) for the Claimant Mr S. Colton (instructed by Messrs Kilpatrick Stockton LLP) for the Defendant Hearing date: 12th March 2004 ____________________

i) By an agreement dated 3 November 1997 the claimant and a company shortly described as AMEC entered into a joint venture for the construction and operation of a hospital in Cumbria.

ii) The corporate vehicle established for the purposes of the joint venture was Health Management (Carlisle) plc to which I shall refer as HMC.

iii) At this time the defendant company was a wholly-owned subsidiary of the claimant.

iv) The joint venture agreement provided for the division of any tax losses suffered by HMC equally between the claimant and Amec. The claimant was entitled to use the tax losses itself or to make them available to other members of its group.