The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): Transaction planning will need to take into account the impact of coronavirus (COVID-19) on execution of documents and company filing and administration procedures. For further information, see Practice Note: Coronavirus (COVID-19)—implications for lending transactions—Coronavirus (COVID-19)—impact on deal execution?
For wider information on key developments and related practical guidance on the implications of COVID-19 for lawyers, see: Coronavirus (COVID-19) toolkit and in relation to Banking & Finance specifically, see Practice Note: Coronavirus (COVID-19) implications for Banking & Finance lawyers.
There are situations where parties may consider amending security documents. Common examples include:
the parties want to make changes to the obligations being secured
the chargee wants to assign or novate its security following a transfer of the debt
the parties want to charge additional assets or change the nature of an existing charge (eg from a floating charge to a legal mortgage), and
the parties want to correct a mistake or document an amendment to what has been agreed
Parties may consider that amending a security document may be cheaper and easier than putting a new security document in place.
Depending on the type of amendment, there is a risk that a liquidator or administrator could argue that new security has been
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