Confident of its potential, tax relief investors ploughed almost €3 million into Maximum Media Network, the owner of Joe in Ireland. Now, following a number of insolvency processes and an imminent sale, they face seeing the value of their shares reduced to zero under a proposed scheme of arrangement to rescue the business. Dozens of investors, assembled by accountants BDO and wealth managers Davy, will, however, not face having any tax relief they may have claimed on their investment to date clawed back by the Revenue Commissioners under the proposed restructuring. They invested under the EIIS tax break scheme. A…

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