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As part of our service at Harris Tate, we produce a range of legal articles that are published in various media, designed to alert our clients to legal developments that may affect them.

Our legal articles are written by lawyers and legal executives and discuss legal aspects relating to industries, businesses and individuals as well as focusing on everyday legal topics of interest.  These articles provide information to help educate our clients on different topics and current events in the law.  They may raise additional questions.  Please do not hesitate to contact us with your questions or to discuss your individual situation in more detail.

Is it a Loan or Gift?

16 May 2022

We are often asked to give advice in respect of loan and security agreements that were not documented at the time that money was advanced.

While unwritten arrangements are common between “friendly” parties such as family members, or a company and its directors, matters can be confused over time by factors such as changes in the relationship between the lender and the borrower or the death of party.

Failing to document a loan agreement can have significant consequences as a party may be unable to prove that a debt is owed, or the terms on which the debt is to be repaid.
If you or someone you know are party to an unwritten loan agreement – or if you or someone you know are considering entering into a loan or security arrangement – we can assist by providing specialist advice in respect of your rights and by preparing simple, cost-effective documentation to evidence the terms of the loan and any security.

Need to know more?

Call our team on (07) 578 0059

 

Disclaimer: This article is general in nature and should not be treated as professional advice. It is recommended that you consult your advisor. No liability is assumed by Harris Tate Limited for any losses suffered by any person relying directly or indirectly upon the article above.

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