ACCA F4 CORPORATE AND BUSINESS LAW 公司法与商法课件PPT 17 Borrowing and loan capital.pptVIP

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ACCA F4 CORPORATE AND BUSINESS LAW 公司法与商法课件PPT 17 Borrowing and loan capital.ppt

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ACCA F4 CORPORATE AND BUSINESS LAW 公司法与商法课件PPT 17 Borrowing and loan capital

Chapter 17: LOAN CAPITAL AND CHARGES 1 Definition of Debentures A written acknowledgment of a debt. – Document which states the terms on which a company has borrowed money. – They may be secured or unsecured. 2 Types of debenture Single Debenture Issued as a series Debenture stock Debentures and Shares Compared A debenture-holder is a creditor; a shareholder is a member of the company. A company may freely purchase its own debentures back. Interest on a debenture is a debt which may be charged from capital or profits before tax; a dividend can only be paid out of taxed profits. Debentures may be issued at a discount; shares can only be issued at par value or at a premium. Law Relating to Debentures On a number of points the lender and the company are left to make their bargain as they see fit subject to general rules of contract law and (where security is given) of mortgages law. Bearer Debentures: issued without the record of the names of lenders Registered Debentures (as opposed to bearer debentures): the person named in the debenture-holder list. Issue of Debentures Only a plc can issue debentures to the public in form of prospectus. Debentures may be issued at a discount, at par value or at a premium. If debentures are issued at a premium, the premium would normally be transferred to capital reserve forming a share premium account. Redemption of Debentures The company is bound to repay the debentures by or before the final date of redemption. The company may be required to make an annual payment into a fund for eventual redemption or to redeem a proportion of the outstanding debentures each year. Debenture Trust Deeds Where large sums of loans are raised from the public in form of debentures, a trust deed is usually to be drawn up to appoint trustees as representatives to safeguard the rights of the debentureholders. Fixed charges (a) This relates to a specific asset which may be realized by debenture holders to repay their loan. (b) The essential f