Bank loans to be repaid after former partners’ notice period ends
Halliwells has arranged with its lender to delay repaying a number of professional practice loans in a bid to keep cash in the business.
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https://www.law.com/international-edition/2010/06/09/halliwells-delays-repayment-of-partner-loans-after-exits/
Halliwells delays repayment of partner loans after exits
Halliwells has arranged with its lender to delay repaying a number of professional practice loans in a bid to keep cash in the business. Following the departure of a number of partners, the national firm has agreed with its bank that in six individual circumstances it will delay paying back professional practice loans - money that individuals borrow from the bank to put into the firm on joining the equity. The money will now not be repaid in full until the former partners' official notice period has come to an end, even if the partner has left the firm before the notice period is up.
June 09, 2010 at 05:29 AM
1 minute read
The original version of this story was published on Legalweek
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