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Key features of debentures

Debentures are used in many types of financing where it is desirable to take security over all of the assets of a particular entity. They are a form of umbrella document, incorporating many types of security over a broad range of assets.What is a debenture and when do you use one?What is a debenture?In the context of secured lending, the term 'debenture' means a form of security agreement that grants security interests over a broad range of the security provider's assets as collateral for either the security provider's own obligations or the obligations of a third party.The term 'debenture' can also refer to a document that either creates or acknowledges a debt.This Practice Note deals with debentures as a form of security in the context of secured lending. In particular, it considers:•the formalities required for a debenture•the legal principles to be considered•the fixed security normally secured in a debenture•the floating security under a debenture•perfecting the security, and•enforcing debentures and floating chargesWhen do you use one?Debentures are used where the lender...

Enforcement—debentures and floating charges

What is a debenture?In the context of secured lending, the term 'debenture' means a form of security agreement that grants security interests over a broad range of the security provider's assets as collateral for either the security provider's own obligations or the obligations of a third party.Debentures typically include:•fixed security over specific assets, ie:◦mortgages (including assignments by way of security)◦fixed charges, and•a floating charge over all of the other assets of the security provider (ie all the assets that are not covered by the fixed security)For more information on debentures and their formalities, see Practice Note: Key features of debentures.In the event that a company cannot meet its obligations under a loan agreement or other financial arrangement, lenders will need to consider the options available to them to recoup their losses. One option is to enforce their security.Subject to the security having been duly registered at Companies House and at any relevant specialist registry, a secured lender can enforce its security in a number of ways depending upon the nature...

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Records retention schedule

Records retention schedule 1 Introduction 1.1 This Record retention schedule accompanies and is incorporated into [insert organisation’s name]’s Records management policy. It sets out the time periods that different types of Business Records (as defined in the Records management policy) must be retained for business and legal purposes. [You do need not read the entire retention schedule, but rather should focus on the types of records relevant to your role.] 1.2 The retention periods in the schedule are based on business needs and legal requirements, including our obligation under data protection law not to keep personal data for longer than is necessary. Once a retention period has expired the data or record should be reviewed and destroyed if it is no longer needed. 1.3 If you maintain any types of records that are not listed in this schedule, and it is not clear from the existing record types in this schedule what retention period should apply, please contact [insert who, eg the Data Protection Officer]...

Special administration—witness statement in support of application for special administration

Special administration—witness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in [location]. It is in...

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What statutory registers are LLPs required to maintain?

What statutory registers are LLPs required to maintain? The Companies Act 2006 (CA 2006) as applied to limited liability partnerships (LLPs) by the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009, SI 2009/1804 (2009 Regulations) requires LLPs to keep the following statutory registers: • a register of members • a register of members' residential addresses • a register of people with significant control (PSC register) The register of members and the PSC register must be kept available for inspection: • at the LLP’s registered office, or • at a single alternative location (SAIL), which must be in the same part of the United Kingdom (England and Wales, Scotland and Northern Ireland) as the registered office of the LLP The register of members must

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Banking & Finance—2019 cases round-up

Banking & Finance analysis: What have been the key cases in the world of banking & finance over the past year?

Handling restrictions on assignment of performance bonds (Sumitomo Mitsui Banking Corporation Europe Ltd v Euler Hermes Europe SA (NV))

Banking & Finance analysis: Robert Parson, partner at Clyde & Co LLP, examines the commercial court’s decision in Sumitomo Mitsui Banking Corporation Europe Ltd v Euler Hermes Europe SA (NV) that the claimant bank’s demands on a performance and a retention bond issued by the defendant bank to the employer under a construction contract were valid demands because, in relation to the performance bond, the claimant held a power of attorney for the employer under a borrower debenture and, in relation to the retention bond, the claimant was an assignee of the employer.