We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What is a 'Legal Charge' against a Company?
bob_dob
Posts: 432 Forumite
Hi, im not sure which forum catagory to put this in but please can anyone tell me what, in layman terms, if a company has a 'legal charge outstanding' or 'Guarantee+Debenture outstanding' on them? A company i work for has those terms next to them on a website after i Googled them along with the name of Barclays Bank? And the dates varied from October 2008 to March 1997.
Any answers would be appreciated.
Any answers would be appreciated.
0
Comments
-
Google threw this up :
http://www.qfinance.com/dictionary/legal-charge
Definition of legal charge
Legal
legal document showing ownership of UK property in the United Kingdom, a legal document held by the Land Registry showing who has a claim on a property "
Definition of debenture
Business
acceptance by firm of debt obligation the written acknowledgment of a debt by a company, usually given under its seal and containing provisions as to payment of interest and principal. A debenture may be secured on some or all of the assets of the company or its subsidiaries.
My - completely uneducated ! - guess would be that it's a similar idea to a mortgage - the bank has lent money to the business, and "owns" all or part of the property as security against the loan.0 -
Ebe_Scrooge wrote: »Google threw this up :
http://www.qfinance.com/dictionary/legal-charge
Definition of legal charge
Legal
legal document showing ownership of UK property in the United Kingdom, a legal document held by the Land Registry showing who has a claim on a property "
Definition of debenture
Business
acceptance by firm of debt obligation the written acknowledgment of a debt by a company, usually given under its seal and containing provisions as to payment of interest and principal. A debenture may be secured on some or all of the assets of the company or its subsidiaries.
My - completely uneducated ! - guess would be that it's a similar idea to a mortgage - the bank has lent money to the business, and "owns" all or part of the property as security against the loan.
100% correct - not at all uncommon.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards