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Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. What form does the security take? Is it a charge over land?
Hi, Thank you. Is there existing security? An assignment means you transfer existing security from one party to another. What you have described would be known as "debenture" (assuming this is a limited company"). This means you have a fixed and floating charge over the assets of the company. The fixed charge would be on this like property good will etc, the floating charge would be over trading stock and book debts for example. Have you advanced the monies yet?
Thank you. So this wont be an assignment of security it will just be fresh security. On that basis the security must be signed when the loan is made. http://simply-docs.co.uk/Security_Documents/Debenture_Agreement - this debenture on Simply Docs is a good starting point. It must be registered at Companies House with 21 days of dating it. Kind regards AJ
Hi, Thank you. You could ask for both. A personal guarantee is another form of security but it is only as good as the solvency of the person giving it - so for example does the guarantor own a home, have cash in the bank etc? Would they be able to pay it if called upon. I am happy to assist further but would be most grateful if you would rate my answer in the mean time. Kind regards AJ
No problem. If I can assist any further please do not hesitate to contact me. Kind regards AJ