Deed of Release: security
Deed of Release of security given by a company, in the form of a Deed executed by the company which has granted the charge (chargor) and the beneficiary of the charge (chargee). It is suitable where the chargor is a company incorporated in England and Wales.
Read more
When do I use this document?
- for the full release of a debenture or other charge granted by a company
- for a company which is incorporated in England and Wales
What are the key features?
- 8 clauses over 3 pages
- in the form of a Deed to be executed by both chargor and chargee
- wording for release of the charge and the property over which security has been granted
- warranties from the chargor and chargee
What else do I need to know?
A company (the chargor) may have granted security for its obligations under a contract, and in particular a loan agreement. The security could take the form of a charge over specific property of the chargor or a debenture constituting fixed charges and a floating charge over all of the chargor’s assets and undertaking.
Once the secured obligations have been discharged, the company has granted security (the chargor) should obtain a formal release of the security from the beneficiary of the security (the chargee).
When do I use this document?
- for the sale and purchase of a company which is not part of a corporate group
- for the sale of a company by a single seller
- for a transaction where the acquisition is signed and completed simultaneously, with no closing conditions
- when the consideration is paid in full in cash at completion
What are the key features?
- full-form SPA with 22 clauses and 4 schedules over 33 pages
- process for the sale and purchase of shares and completion deliverables
- warranties from the seller relating to the target company
- seller limitations from liability under the warranties
- provision for indemnities for specific issues
- restrictive covenants from the seller
- tax covenant for pre-completion tax liabilities
What other documents are there?
For alternative forms of SPA for a standalone company, see:
Related Articles
Sorry, we couldn't find any posts. Please try a different search.
£35.00 exc VAT
Updated by a lawyer on 02/09/2024
- Updated By a lawyer on
- Guidance notes included
- No hidden extras
- Easily customisable
Create your document in 3 Easy Steps
- Download
- Customise
- Share & Sign
PaperRock offers affordable, legal document templates, written by experienced and expert lawyers, trusted by businesses across the UK and beyond. No hidden charges or trial sign-ups are required to complete your document.
“I have worked in legal and business affairs for over 25 years and need access to a wide range of corporate and commercial legal precedents. Paperrock is a refreshing source of high-quality legal templates. Superb value for money.”
Amanda | Bannister Creative
£35.00 exc VAT
- Written by expert lawyers
- Quick to download
- Easy to customise
- No hidden extras
- free re-downloads
“It’s hard to find legal documents on the internet you can really trust. Knowing an expert lawyer has drafted what I need, gives my business the edge and gives me peace of mind.”
Elle, Founder | Winslow skincare & aesthetics.
“As an SME Paperrock saves us the legal fees we’ve previously had to spend. In these challenging times that's a big help. Great products and support.”
Giles, MD | Boniti Ltd.
