Hi,
I understand that generally "Limited Companies" create a charge on their assets when it takes loans from financial institutions and banks. The Banks and FI insist for the same. Now on the same property or asset there can be a First Charge and a Second Charge. Obviously a First Charge holder has better rights as compared to a second charge holder on the same property. My question is , Whether a Second Charge holder ask the Company for conversion of its second charge into a first charge and if yes, what is the procedure for the Company?
Regards,
Charandeep
From India, New Delhi
I understand that generally "Limited Companies" create a charge on their assets when it takes loans from financial institutions and banks. The Banks and FI insist for the same. Now on the same property or asset there can be a First Charge and a Second Charge. Obviously a First Charge holder has better rights as compared to a second charge holder on the same property. My question is , Whether a Second Charge holder ask the Company for conversion of its second charge into a first charge and if yes, what is the procedure for the Company?
Regards,
Charandeep
From India, New Delhi
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