Many companies provide loans to director(s) but fail to adhere to the law. Companies often extend loans to director on terms generally more favourable than the market. However, many directors withdraw money from the company accounts thinking of it as an extension of their own money, hence the reason for strict regulation. Withdrawing money from company accounts without following specific legal requirements is an offence. Use this pack to ensure your company adheres to its legal obligations when loaning a director money.
In addition to this document, you will need a separate loan agreement.
This pack is not suitable if a company intends to allow the director to purchase its own shares. Documents for the purchase of company shares are currently being drawn by the Net Lawman legal team. Contact us if you require them urgently. |
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Suitable for all private companies;
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Written in plain English;
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Includes explanatory notes. |
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