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Post by shyinvestor on Jan 24, 2019 10:52:40 GMT
This project is described as Secured and Assigned, relying upon income generated by the business. But there is already a charge from the bank which seems to cover not only all the assets of the company but all the income too. How does this work? Is the AO charge meaningful?
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liso
Member of DD Central
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Post by liso on Jan 24, 2019 11:52:01 GMT
There are 3 companies within the group and AO has a charge over all 3.
With 2 of the companies AO is the only charge holder.
With the third (the ltd company) the bank also has a charge registered but AO have a Deed of Priority which ranks them ahead of what AO describe as the bank's "overdraft facility".
But whether the bank's charge over the ltd company relates to an overdraft facility, or to some other loan, your guess is as good as mine.
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