LPC Law Notes Business Law and Practice Notes
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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Company Law – Private Limited Companies
Debt Finance – Entering into a Secured Loan Arrangement
Company checks before entering into a secured loan arrangement:
1. QUESTION: Are there any relevant restrictions under Company’s constitution?
Unrestricted objects (s31 CA 2006) Implied power to pursue its objects
Model Articles, art. 3 Special Article? Are there any restrictions on the exercise of the power – consider any Special Articles
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Procedure steps to enter into a secured loan arrangement and borrow the money:
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Forms of Security
4 different forms of security |
Requires actual or constructive delivery of possession of the secured asset, by way of security. Therefore, assets must e capable of being delivered [wither the goods itself or the relevant title document [e.g. a bearer share – NOT a registered share] If pledgor defaults – the pledgee has the right to retain and sell the asset.
Possession of the secured asset
Non possessory Security Transfer of ownership (legal or equitable) over the secured asset. Ownership transferred to Mortgagee. Ownership is transferred subject to the equity of redemption [i.e. the right of the asset to be returned to the mortgagor once the debt is satisfied]. How does the mortgage take effect = a “assignment by way of security”.
A creature of equity [charge is always equitable – apart from charge over land by way of legal mortgage]. Non possessory Security Creates an encumbrance over an asset. [i.e. chargee gets a right in respect of the asset. Upon chargor’s default, the chargee is entitled to look to the asset and the proceeds of sale to discharge the indebtedness]. No delivery or transfer of ownership of required. |
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Types of charges |
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Buy the full version of these notes or essay plans and more in our Business Law and Practice Notes.
A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...
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