We advised an Isle of Man company on the purchase of a Guernsey special purpose vehicle (SPV) which owns property in London.
Before approving funds for the sale, the new lender required security from the buyer and the target SPV by way of debentures, a legal charge and an upstream guarantee. This was further complicated due to the seller having 33 outstanding charges; the seller only held beneficial title to the shares in the target (with the nominees based in Guernsey); a corporate service provider based in Guernsey being retained; completion date rent apportionment and a retention of funds provided for in the SPA.
