iLA | Debentures


If you take out a loan, you might have to sign a debenture. The term 'debenture' refers to a secured loan agreement between a lender and you, the borrowing business, and it is registered at Companies House. It gives the lender security over the borrower’s assets - and so if a repayment is missed or there is an event of default, the lender can take ownership of the assets and sell them off.

A fixed charge is normally taken out against a tangible asset such as property. If there is a payment default by the borrower, the lender can take ownership of the asset and sell it off. The borrower also can not sell the asset without the lender’s consent.

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Why do I need independent legal advice?

The third-party formality is required to protect you from entering into a fixed or floating charge without knowing the potential risks involved (for example, your business assets could be taken by the lender and sold if repayments are not maintained). iLA’s independent advisor will ensure that you are not being “induced” (persuaded or convinced) into the transaction and that you understand what it is you are agreeing to (your obligations and associated risks).

Whilst having ILA can feel like an inconvenience and an additional cost, it is important to bear in mind that it is not just a formality - it is a serious legal requirement to make you fully aware of future risks and possible liabilities, and without the ILA, you will not be able to complete the wider legal transaction.

How can you help?

Our dedicated team is here to make sure that you do not experience any delays or inconvenience and, by using our decades of expertise helping clients with banking, finance and property matters, and deploying leading technology, we can deliver the ILA need in the most fast, efficient and cost effective way

  • Step 1 - BOOK YOUR ILA

    We offer a same day service, and our team of dedicated experts are available 7 days a week between 8am - 8pm.

    You can book your ILA online now, or request an immediate call back to arrange a convenient time for your ILA. You can also just call in to speak to one of our dedicated iLA team members.

    We will help guide you through the process and explain what documents we will need to provide your ILA.


    Once we have received the ILA documents and on-boarded you as a client (using leading technology to ensure the process is as quick as possible) we can usually provide you with your ILA (via an online meeting) within 2 hours. Or you can let us know a day and time that suits you best.

    We will provide you with the advice online, via our iLA personalised meeting room. You will just need a laptop, phone or tablet to join the meeting. From our years of experience, the meetings tend to last for no more than 30 minutes


    During our online meeting, you will sign the relevant documentation.

    We can guarantee that your ILA will be compliant and your documents are correctly witnessed, and we will also help you to return the documents to the correct party in the transaction. Our dedicated team is here to make sure that you do not experience any delays or inconvenience.

    Following our meeting, we will immediately contact the lender to advise that the ILA has been provided and so the whole process can be completed, from start to finish, in less than a day.