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Ben Jones
Ben Jones, UK Lawyer
Category: UK Law
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In the Guide under Tier 1 Directors Loan, there is a

Customer Question

In the Guide for application under Tier 1 Directors Loan, there is a condition that the agreement must show that the loan is unsecured and subordinated in favour of third party creditors. How do one put this in the loan agreement to satisfy the condition?
JA: The Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: I have been getting different versions from the lawyers that i have consulted. One even mentioned that i need to provide the list of third party creditors. Does this condition means that the agreement has to carry a clause which states that "the loan is unsecured and is subordinate to third party creditors"?
JA: Is there anything else the Lawyer should be aware of?
Customer: Like?
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Submitted: 1 year ago.
Category: UK Law
Expert:  Alex J. replied 1 year ago.

Hi Thank you for your question and welcome. My name is ***** ***** I will assist you. Do you currently have any loan documentation? Are you required to provide a copy of the loan document? Kind regards AJ