Enforcement—fixed charges
Enforcement—fixed charges

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Enforcement—fixed charges
  • Options
  • Restructuring
  • Appoint administrator
  • Appoint receiver
  • Exercise power of sale
  • Appropriation
  • Foreclosure
  • Shares and securities
  • Land
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for lending lawyers?

This Practice Note considers the enforcement options available to lenders where they hold fixed security. In particular it covers:

  1. the options available when taking enforcement action

  2. a list of specific considerations when enforcing over specific asset types, and

  3. registration of enforcement of security

Secured lenders will normally aim to ensure that as much of their security is fixed as possible. It is generally not possible to take fixed security over all asset types because the level of control that is required to ensure that the security is fixed is incompatible with the borrower running its business effectively, eg stock and cash in current accounts. A lender will often, therefore, take a debenture to enable it to take both fixed and floating security over all the assets of the company. A debenture may include legal and/or equitable mortgages over land and shares,

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