2962271
Description
Mind Map by farhanhanna2273, updated more than 1 year ago
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Created by farhanhanna2273
about 11 years ago
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The Debenture
- def : the doc contains an
acknowledgement of indebtedness
on the part of the company
- Type
- unsecured
- issued without
charge over any of
the company assets
- just contains an
acknowledgement of
the company's
indebtedness
- also know as "naked
debentures"
- issued without
charge over any of
the company assets
- secured
- issued with charge
over company assets
- the asstes coveredby secured
debtures:lands,fixed assets and
floating assets
- charges created in favour
of debentures-holder may
be either fixed or floating
charge
- issued with charge
over company assets
- unsecured
- charge
- s.108 companies act
- the registration of charge must
do within 30 days of creation
- is do after 30 days annot be registered
unless accompanied by court order for
extension time
- the registration of charge must
do within 30 days of creation
- type of charge
- floating charge
- include all undertaking,
properties, and assets of the
borrower, both moveable and
immoveable, anywhere situated,
both present and future, including
the company's uncalled
capital.goodwill,book debt,acc
receivable, stock in trade
- include all undertaking,
properties, and assets of the
borrower, both moveable and
immoveable, anywhere situated,
both present and future, including
the company's uncalled
capital.goodwill,book debt,acc
receivable, stock in trade
- fixed charge
- ~ on specific property
and it immediately
attaches to that property
- fair or a charge by way of
deposit is created when company
deposits its doc of title or share
cert withe the bank as security
for the credit facilities
- ~ on specific property
and it immediately
attaches to that property
- floating charge
- case
- RE YORKSHIRE WOOLCOMBERS
ASSOCIATION LTD
- RE YORKSHIRE WOOLCOMBERS
ASSOCIATION LTD
- s.108 companies act
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