director's loan agreement

[LinLin]

Hi, all -
I'm new to the forum and hope you can help with a fairly simple question.

I need a director's subordinated loan agreement. How much should I expect, approximately, to pay for this?

Also, I'm new to the UK and don't have a trusted source for a referral. I'd appreciate if anyone could recommend a solicitor they've used and been very satisfied with in Scotland (either Edinburgh or Glasgow) as a starting point.

Thanks,

LinLin

 

[LinLin]

52 views and no replies. Hoping someone can help...

 

[thebigIAM]

I don't actually know what a subordinated loan agreement is.

 

[LinLin]

It's a loan that I make to my company.

'Subordinated' simply means that I get paid last if the company folds and there are other creditors.

 

[cjd]

You just make out a check in the name of your company and enter it in your accounts as a Directors loan (if that's what it is). That's all you need unless you want to make it more complicated with contract and interest payments etc.

Best talk to your accountant.

 

[MikeJ]

I've used [FONT=&quot]MacLachlan & MacKenzie[/FONT] in Walker St, Edinburgh. I've always found them very good for easy stuff, but if it gets complicated (ie, when my former employer tried to sue me) I went to Lindseys.

M&M act as our company secretary. They've always told me when to use a specialist. Speak to Alison Crawford.

 

[LinLin]

That's great. Thanks, MikeJ.