The government has announced a series of measures to help businesses through the lockdown period.
At Gilson Gray we are supporting you through this crisis. If you have an offer for a loan from under the Coronavirus Business Interruption Loan Scheme (CBILS) we will provide FREE legal advice on the loan, security and guarantee documents that your bank will require. The only costs you will pay will be for third party and registration costs. This offer is available to the first 100 businesses to contact us.
Simply call us on 0330 12 45 782 and we will guide you through the process. Please read the terms and conditions below.
The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.
Terms and Conditions
To take advantage of our offer, you will need to be adopted as our client. We will need to take steps to identify you and you will need to agree to our terms and conditions. We will not be able to provide you with help until we have completed this process.
You will have to pay any registration charges or other outlays necessary to put your CBIL arrangements in place.
What we won’t charge for
We will not charge for legal advice in connection with the following work:
Agreeing any first ranking security documents you may be required to grant. These would typically include a floating charge over your business’s entire property; a standard security over your land and buildings, and a personal guarantee given by up to two directors or shareholders.
Helping you answer any due diligence enquiries that your bank raises. However, your bank may require you to provide searches from third party sources. You will have to pay for these.
Preparing ancillary documents for corporate lending, such as board minutes, directors’ certificate, members’ resolution.
If necessary, releasing any pre-existing security from another lender.
Providing a certificate to the bank to confirm that you have received independent legal advice about your guarantee.
Where we might have to charge
We may have to charge for our work if your situation is more complicated. We will discuss this with you before commencing any work and agree a fee. Complicating factors where we may have to charge you a fee are:
If personal guarantees are required from more than two people;
If the bank needs us to write any reports about your business or assets (for example a report on title about your land and buildings)
If there is more than one borrower or the borrower comprises a group of companies.
If you have to grant a standard security over more than one property.
If you need to transfer ownership of any assets.
If you have existing lending with another lender and that is staying in place, but the existing lender and the new lender require a ranking agreement to determine who takes priority.
If there are any problems with you, any other company or your assets that need to be solved before the bank will lend. For example, if there is a problem with the title of your land and buildings, or there is a problem with your company records.
Working on a second or further ranking security, which is where the CBIL security is in addition to existing security you may have granted.