"We couldn't do as good a job as we do without it. ³ÉÈËÓ°Òô gives us the security and confidence that we are best serving our clients because the information we are working on is the most accurate we can get"
Avensure
Access all documents on Borrower
The party to whom an asset-based lender or receivables financier make a loan facility available.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
For our full legal glossary and more legal research sources, register for a free Lexis+ trial
Reviewing board minutes—checklist STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. ECCTA 2023, Pt 1 contains a substantive package of proposals enhancing the role of Companies House and increasing the transparency of UK corporate entities. The provisions of the ECCTA 2023 come into force over an extended period. Many of the provisions in the legislation require detailed secondary legislation and guidance, and the construction of new technical processes and tools to implement the reforms. For more information, see Practice Notes: The Economic Crime and Corporate Transparency Act 2023—what Banking & Finance lawyers need to know, The Economic Crime and Corporate Transparency Act 2023—tracker and Corporate transparency reform—changes to company registers. Board minutes As part of the pre-completion process and satisfaction of the conditions precedent, lawyers acting for a lender in a typical financial transaction need to review the board minutes of the borrower, guarantor and any security provider. Following a board meeting of a company, the directors must...
UK Consumer credit—timeline This timeline shows key developments relating to the UK's consumer credit regime. For earlier developments, see: Consumer credit—timeline (2011–2023) [Archived]. 2025 Date Source Document Description 2 April 2025 FCA FCA written submissions [2024] EWCA Civ 1282 The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.See News Analyses: Billions on the line as justices weigh motor finance appeal, Motor finance ruling was ‘egregious error’, lenders say, and FCA pleads for quick motor finance decision from top court....
Discover our 4 Checklists on Borrower
This Practice Note gives a brief outline of the types of borrowers that might wish to borrow money and the relevant legislation. It looks at:•companies•limited liability partnerships•general partnerships•limited partnerships•unincorporated associations, and•local authoritiesFor specific information on each type of entity, see Practice Notes:•Dealing with companies in a finance transaction—capacity and authority•Dealing with limited liability partnerships in a finance transaction—investigating capacity and authority•Dealing with a partnership in a finance transaction—investigating capacity and authority•Dealing with a limited partnership in a finance transaction—investigating capacity and authority•Dealing with unincorporated associations in a finance transaction—investigating capacity and authority, and•Key issues for lenders when dealing with a local authority in a commercial finance transactionSee also Practice Note: Forms of business vehicle.This Practice Note does not cover the situation where the borrower is an individual. For information on consumer related issues, see: Consumer credit regime—overview and Practice Note: When are consumer-related rules, regulations and legislation relevant to a commercial financing transaction?CompaniesCompanies have separate legal personality and frequently borrow money in their own right to assist with temporary cashflow shortfalls...
Why do lenders require security?It is common for a lender to require security over borrower assets as a condition to providing any loan facilities. Taking security means that the lender will have certain rights over the secured assets in the event that the borrower fails to repay the loan, for example the right to sell the assets to repay the outstanding indebtedness.What types of security might a borrower be asked to provide?The nature of the rights conferred by a security interest will depend on the type of security taken.Security may take the form of:•mortgage—under a mortgage, the legal or beneficial title to an asset is transferred to the lender by way of security on condition that it will be re-transferred to the borrower upon repayment of the debt/satisfaction of the outstanding obligations; note that an assignment by way of security is a form of mortgage (see Practice Note: Mortgages)•charge—a charge, which may be fixed or floating, is an encumbrance on the asset that gives the lender the power to sell...
Discover our 73 Practice Notes on Borrower
Occupier’s consent to mortgage THIS IS AN IMPORTANT DOCUMENT AND YOU SHOULD TAKE LEGAL ADVICE BEFORE SIGNING. IF YOU SIGN AND THE LENDER IS NOT PAID YOU MAY LOSE ANY INTEREST YOU MAY HAVE IN THE PROPERTY. Occupier: [insert name of occupier] of [insert address of Occupier] (the ‘Occupier’). Borrower[s]: [insert name(s) of Borrower(s)] of [insert address of Borrower(s)] [(the ‘Borrower’) OR (together, the ‘Borrowers’)]. Relationship to Borrower[s]: [daughter, son or as appropriate]. Property: the property known as [insert details][ registered at HM Land Registry under title number [insert title number]] (the ‘Property’). Lender: [insert name of Lender] incorporated in England and Wales with company registration number [insert company registration number] whose registered office is at [insert registered office address of Lender] (the ‘Lender’). Mortgage: a legal mortgage granted by the Borrower[s] in favour of the Lender to secure all sums due to the Lender as set out in the legal mortgage (the ‘Mortgage’). 1 In consideration of the Lender agreeing to make...
Facility letter (term loan): single company borrower—bilateral—unsecured [TO BE PRINTED ON THE HEADED PAPER OF THE LENDER] [insert name and address of borrower] [insert date] Dear [insert full name of borrower] We offer to place at your disposal a Sterling loan facility in the aggregate principal amount of £[insert amount in figures] ([insert amount in words] Sterling) [for the purpose of [insert details]] on the following terms and conditions: 1 Definitions 1.1 In this letter, unless otherwise provided: Base Rate • means the base rate of [the Lender OR [insert name of Bank]] for the time being and from time to time; Borrower • means [insert name of company], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address]; Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment Expiry Date • means the earlier of the date falling [insert number]...
Dive into our 58 Precedents related to Borrower
Tax analysis: This was an appeal against a Closure Notice in respect of a business loan which HMRC concluded was an ‘extraction of value’ contrary to the Remittance Basis in Part 14 of the Income Tax Act 2007 (ITA 2007). Business Investment Relief (BIR) was therefore not available. The case involved a consideration of Section 809VH whereby a ‘potentially chargeable event’ included an event when the ‘extraction of value’ rule is breached. The extraction of value rule is breached if value (in money or money’s worth) is received by or for the benefit of P or another person. The director and shareholder in question had used a director’s loan account for personal payments. In dismissing his appeal, the Tribunal addressed numerous broader issues, including the principles applicable to the statutory interpretation of tax enactments. Written by Lynne Counsell, barrister at Addington Chambers.
Banking and Finance analysis: A transition away from LIBOR is expected by the end of 2021. This transition involved several challenges, notably for trade and export finance. Geoffrey Wynne, partner at Sullivan & Worcester, shares his analysis on the impact of transitioning out of LIBOR for trade and export finance.
Read the latest 9 News articles on Borrower
**Trials are provided to all ³ÉÈËÓ°Òô content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these ³ÉÈËÓ°Òô services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
0330 161 1234