If you are buying a company or business and are obtaining funding from a financial institution it may require certain security from yourself and your business. For instance, debentures from your company or a personal guarantee from you as director.
Depending on the size of the transaction, the financial institution may require the transaction to be overseen by their own solicitor.
Either way, you will require advice on the security documentation and you will need to produce specific board minutes.
For those that are aware of the old "white wash” procedure technically known as financial assistance, this was removed by the Companies Act 2006. However this still may be required by certain financial institutions (known as "phantom financial assistance”) and you should ensure that your advisors, like myself, have full knowledge of this.
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