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Debenture

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Debenture

  • This topic has 7 replies, 2 voices, and was last updated 5 years ago by MikeLittle.
Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • December 6, 2019 at 7:49 pm #555363
    salardehbashi
    Participant
    • Topics: 22
    • Replies: 22
    • ☆

    Hello Mike,

    Thank you most kindly for all the work you have done.

    What’s a debenture?
    and what’s a Register of debenture holders?

    I’m not sure that I have “debenture” in my country, so I was wondering if you could illuminate me.

    December 6, 2019 at 9:09 pm #555372
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23318
    • ☆☆☆☆☆

    By definition, a debenture is ‘the written acknowledgement of a debt, usually under seal’

    Debentures may be ‘single’ – for example a bank lends you money but accepts a debenture signed by you to confirm (and secure) the debt

    Or a loan be secured by a debenture issued as a series – for example, a public company borrows money from many, many people and their loans are secured by a debenture

    But who should the company pay the debenture interest to?

    That’s why there is a need for a register of debenture holders

    OK?

    December 9, 2019 at 5:14 pm #555557
    salardehbashi
    Participant
    • Topics: 22
    • Replies: 22
    • ☆

    Mike, is the following sentence correct?

    “Company law requires a company to maintain a register of charges, but there is no requirement to keep a register of debenture holders.”

    December 10, 2019 at 12:05 pm #555599
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23318
    • ☆☆☆☆☆

    From what I can find on the internet, and taking account of the Companies Act 2006, it seems to me that every company that has debentures in issue must maintain a register of debenture holders

    Have you read something different?

    December 10, 2019 at 12:25 pm #555603
    salardehbashi
    Participant
    • Topics: 22
    • Replies: 22
    • ☆

    Yes, I read this “Company law requires a company to maintain a register of charges, but there is no requirement to keep a register of debenture holders.” and I was alert ! LOL

    December 10, 2019 at 7:26 pm #555624
    salardehbashi
    Participant
    • Topics: 22
    • Replies: 22
    • ☆

    Firstly, I should imply my most profound gratitude for all your work, there is, however, missing lectures regarding money laundering, sequence of distribution of assets in liquidation and the “Prescribed Part” (ring-fence).

    Will there be new lectures? Cause I’m about to tackle the exam soon.

    December 10, 2019 at 9:00 pm #555630
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23318
    • ☆☆☆☆☆

    Almost certainly not before you sit the exam, sorry

    The notes contain sufficient for your needs and, as always, if you’re stuck post again

    OK?

    December 10, 2019 at 9:20 pm #555631
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23318
    • ☆☆☆☆☆

    I’ve just put ‘register of debenture holders’ into my search box and the First item confirms what I said in my earlier post

    OK?

  • Author
    Posts
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