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.
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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 a company which is controlled by a majority shareholder and with minority shareholders
- in conjunction with their Shareholders Agreement – for Paper Rock’s template majority/minority Shareholders Agreement, see Shareholders Agreement: majority/minority shareholders
- for a private limited company incorporated in England and Wales
What are the key features?
- form of new Articles of Association for the company
- amendments and additions to the Companies Act 2006 Model Articles
- process for the allotment of new shares
- regulations governing the transfer of shares, including:
- permitted transfers to defined classes of permitted transferees
- pre-emption rights on the transfer of shares to third parties
- compulsory transfer on a shareholder ceasing to be employed or breaching the shareholders agreement
- tag-along and drag-along rights
- regulation of shareholder meetings
- rights of majority shareholder to appoint a majority of directors and rights of minority shareholder to appoint a single director
- provisions relating to the proceedings of board meetings
- regulation of directors’ conflicts of interest and transactions with directors
What other documents are available?
For template Articles of Association where the company is owned by equal 50/50 shareholders, see
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Updated by a lawyer on 02/09/2024
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