Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Private limited company and loan note

  • 10-09-2013 6:56am
    #1
    bluebigbang
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi,
    I am not familiar with Irish limited companies. I’d like to know what formalities are needed when a loan note is issued by a private limited company.
    Let’s say one of the directors is the sole shareholder (issued shares €100, called-up share capital €100). The company receives €1000 on loan from this director.

    Formalities:
    - a loan contract is drawn up and signed by the board of directors
    - a loan note certificate is issued to the lender
    - the Register of Mortgages & Debentures is updated
    - for a secured loan form C1 is filled in and when the loan is reimbursed form C6 is filled in
    - for an unsecured loan no need of forms C…
    - when the loan is reimbursed the Register of Mortgages & Debentures is updated

    Is it right?
    Thanks for your answers.


Comments

  • #2
    bluebigbang
    Registered Users, Registered Users 2 Posts: 3 ✭bluebigbang


    If instead the company receives €1000 from the director, the director is a creditor. In this case there are no formalities.


Advertisement