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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.
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?
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.”
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?
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
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.
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?
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