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Corporate Borrowing

Law and Practice

By (author) Geoff Fuller
Genres: Banking law
Format: Hardback
Publisher: LexisNexis UK, United Kingdom
Imprint: Jordan Publishing
Published: 31st Mar 2016
Dimensions: w 246mm h 156mm d 30mm
Weight: 950g
ISBN-10: 1784731161
ISBN-13: 9781784731168
Barcode No: 9781784731168
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Synopsis
The law of borrowings embraces many different areas of law: contract, company law, trusts, security, insolvency, tax, financial services and regulation. Corporate Borrowing: Law and Practice brings together all of these elements in a practical and concise single volume. It defines the most effective ways of raising debt finance - from bank loan agreements to MTN programmes - and examines the specific legal problems of security and prospectus requirements under the Prospectus Directive. It examines the issues relating to the various types of security, asset backed securities, guarantees, appointment of trustees, attracting lenders and the statutory provisions regarding invitational material, and the tax implications or borrowings by companies. The fifth edition includes: * Changes to prospectus regulation as a result of the EU Amending Directive (amending the Prospectus Directive) * New regime for registration of charges under Companies Act 2006, as 859A-Q * Changes to regulatory capital regime as a result of CRD IV and the Capital Requirements Regulation * Impact of US tax provisions under FATCA * New sections on commercial considerations of debt vs equity, differences between loan agreements and debt securities, and liability for misleading offering documents * Fully updated to reflect case-law, changes in legislation and changes in market practice and documentation since 2009

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What Reviewers Are Saying

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Oct 15th 2016, 22:08
CORPORATE BURROWING?
Awesome - 10 out of 10
CORPORATE BURROWING?
THIS BOOK CASTS AN EXPERT AND ANALYTICAL EYE IN A NEW FIFTH EDITION

An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers

What a useful book this is for corporate lawyers -- especially those involved with any aspect of financial services. Anyone interested in how corporate finance really works -- and when and when not -- and why and why not – should read it.

Now in a new fifth edition from Jordan Publishing and written with commendable clarity by Geoffrey Fuller, it can help you affirm – and confirm -- your own understanding of the literally dozens, or hundreds, of financial instruments and processes. It can certainly assist in augmenting your knowledge of the language of finance – very handy if you happen to find yourself sitting at a corporate client’s boardroom table with the company finance director squinting at you. Note that there is whole chapter devoted to key commercial terms. For lawyers toiling in the corporate sector where familiarity with terminology is an asset, not to mention a necessity, this authoritative volume is nothing if not a confidence booster.

The very title of the book, ‘Corporate Borrowing’ brings to mind the ‘neither a borrower nor a lender be,’ speech uttered by Polonius in ‘Hamlet’ – and sure enough, when you turn to Chapter 1 on the nature of borrowings, there it is, with the next two lines providing further food for thought.

‘For loan oft loses both itself and friend
And borrowing dulls the edge of husbandry.’

Sounds like Shakespeare must have had personal borrowing in mind rather than that of the corporate variety, which is the subject of this book.

The author, a partner at Allen & Overy LLP, both states and implies that the essential tools of corporate finance are not getting and spending, but lending and borrowing.

‘Borrowing.’ he says, ‘is an essential feature of responsible financial management,’ adding that if a company borrows too little, it may not have enough money for capital investment or working capital. Borrowing too much, however, saddles the company with a burdensome amount of interest.

What is particularly interesting about the book is that it is based on the author’s expressed intention to produce ‘an unashamedly legal book’ which is also intended for the interested layman, and also, we would add, anybody in finance. It covers not just the law, says the author, ‘but also market practice, linking the two together as far as possible.’

Here, the reader will find every important aspect of corporate borrowing covered, from the nature and type of borrowings, for example, through to the role of trustees… attracting lenders… the execution of documents… and much more besides, including a chapter on US securities and tax laws.

This long established and highly regarded work of reference is fortunately easy to use, with a detailed table of contents and index, as well as massive amounts of footnoting, numbered paragraphs throughout and extensive tables of cases, statutes, statutory instruments and European materials.

This new fifth edition has been completely updated from the fourth to reflect case-law and changes in market practice and is therefore an essential purchase for practitioners and indeed all interested readers who will appreciate the clarity with which the intricacies of corporate borrowing are explained.

The law is stated as at 1st January 2016.