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further details are:
Claims/Statements made at that time:
There was never any suggestion or stated warning that there was any risk to us of not receiving at least 1 to 1 value for our time and effort invested (the amount represents about 18 months turnover for us, so we would have refused outright if we hadn't been assured that payment would be forthcoming. Only the final sale value was portrayed as being speculative, not that there wouldn't be at least some positive interest on our delaying payment.
About 20% of the work commissioned has been paid for in cash. There is about £15K + VAT still due for cash invoices.
In total we have £86500+VAT of work unpaid. ~£15K of this was due to be paid in cash and the rest company equity.
We feel, however, that as the information that persuaded us to agree to equity payment was provably false, we should pursue cash payment for the full amount. I.e. we are owed the full value of the work we did, not just the cash proportion.
(To complicate matters we strongly suspect the company is now trading while insolvent, meaning the shares would probably be worthless if we accepted them).
Yes, a UK Ltd company.