Plant and machinery definition

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Taking security—fixed charge—checklist

Taking security—fixed charge—checklist Scope of this Checklist This Checklist sets out the factors to consider when a company is proposing to grant a fixed charge. It assumes that an English or Welsh company will be granting a number of fixed charges to a lender situated in England or Wales. In this Checklist: • the company granting the fixed charge is called the 'chargor' • the entity to which the charge is granted is called the 'chargee', and • the document containing the fixed charge is called the 'security document' Fixed charges can be granted in a standalone security document or form part of the security created by a debenture (see: Documentation required to create a fixed charge below). For more information, see: Practice Note: Fixed and floating charges. Preliminary questions before taking security by way of a fixed charge • Is a fixed charge the appropriate method of taking security? ◦ A fixed charge can be granted by a company, limited liability partnership and other bodies corporate. It can also...

Issues to consider when buying agricultural land

Issues to consider when buying agricultural land Physical extent, boundaries, rights, etc • Does the sale plan correspond with: ◦ the evidence contained in the title deeds, and ◦ the actual boundaries of the property as shown by fences, walls, ditches, rivers, streams, etc or as disclosed by the seller in replies to enquiries? For further guidance, see Practice Note: Property boundaries. • Is a new boundary being created as a consequence of the sale? Has it been accurately marked out on the ground, and do the plans accurately reflect its position? Who is responsible for creating it and/or subsequently maintaining it? • Is defective title indemnity insurance required? If so, who is to obtain it and pay for it? For further guidance, see: Defective title insurance—checklist. • Are mines and minerals included in the sale? For further guidance, see Practice Note: Manorial rights. • Are sporting rights included in the sale? For further guidance, see Practice Notes: Profits a prendre and Riparian owners and fishing rights. • Does the...

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Asset-based lending

This Practice Note gives a brief overview of the typical financing structures adopted by UK asset-based lenders and a summary of the key English law legal issues that arise when financing receivables (commonly known as book debts) specifically in the asset-based lending market together with one or more of the following:•inventory (also referred to as stock)•plant and machinery (also referred to as equipment)•real estate, and/or•cashflow loanThis Practice Note provides a brief overview of typical asset-based lending structures and key issues for consideration in relation to asset-based financing.Key features of asset-based lendingAsset-based lending (ABL) is senior secured lending with the principal purpose of funding the working capital of a trading business. Funds are advanced by the lender based on the realisable value of certain classes of a borrower's assets (known as its 'borrowing base'). ABL is often event-driven, providing a borrower with flexible access to cash during a period of change such as an acquisition or a restructuring. An asset-based lender invariably provides a receivables financing (see: Receivables financing below) as...

Ireland—Key features of debentures

Ireland—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...

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Template completion statement—sale of property

Template completion statement—sale of property This Precedent is an adaptable Word template, which can be saved, downloaded or printed from this link: Completion statement—sale of property This Precedent is a template simple completion statement, which can be adapted for a sale of freehold or leasehold land (whether with vacant possession or subject to leases). It includes provisions for the purchase price and deposit, additional fixed sums, apportionments and late completion. It is intended as a starting point and should be tailored for the specific transaction. It is not intended for use on the grant of a lease. Read the contract Before preparing a completion statement, read the contract carefully to ascertain: • any fixed sums that the buyer must pay to the seller on completion in addition to the purchase price—eg sums to be paid for chattels, fixtures, arrears, capital allowances etc • any fixed sums that the seller must pay/allow to the buyer on completion, eg deposit, a retention sum, a rental top up payment...

Letter of intent—construction—employer friendly

Letter of intent—construction—employer friendly From: [insert name of Employer (the ‘Employer’)] To: [insert name of Contractor (the ‘Contractor’)] Date: [insert date] Dear [insert name of Contractor] [insert full project name and/or description/location of the works] (the ‘Works’) 1 We refer to your tender ([insert reference]) dated [insert date] and to [insert details of subsequent correspondence and any other specific documents containing details of the Works]. 2 We are pleased to inform you that, subject to terms being agreed between us, it is our intention to accept your offer (contained in the documents referred to in paragraph 1 above) and enter into a contract with you for the carrying out of the Works. 3 It is intended that the form of contract will be based on the [insert form of proposed contract], as amended by a schedule of amendments and annexures as attached to this letter (together the ‘Contract’). The Contract will also incorporate the following documents: [insert proposed Contract Documents] (the ‘Contract Documents’) The following items are not...

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Tax weekly highlights—22 May 2025

This week's edition of Tax weekly highlights includes: (1) the Court of Appeal decision in Impact Contracting Solutions, (2) regulations being made to increase penalties for late payment of tax, (3) an ex-solicitor being given the first individual tax avoidance stop notice, and (4) News Analysis articles being published about the decisions of the First-tier Tax Tribunal (FTT) in Industria Umbrella and Powell.