Halliwells has made the rare move for a law firm of agreeing a loan arrangement which effectively gives a bank security on the firm's assets.Information obtained from Companies House shows that the national law firm agreed a debenture with Royal Bank of Scotland (RBS) which gives the bank a "fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery".The debenture agreement - made in December and rarely used by law firms - would give the bank greater rights in the event of the firm going into administration, boosting its position as a creditor and giving it greater control of assets.
February 19, 2009 at 02:51 AM
1 minute read
The original version of this story was published on Legalweek
Top 50 law firm’s debenture agreement with RBS gives the bank security over assets
Halliwells has made the rare move for a law firm of agreeing a loan arrangement which effectively gives a bank security on the firm’s assets.
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