News & Insights
Financial seminar aimed at farmers
Latimer Hinks Solicitors has recently co-hosted with Barclays Bank a breakfast presentation on the theme “Finance for Farmers 2010.”
Issues explored included lending in the current financial climate, the legal issues surrounding providing security for borrowing and the importance of planning for the future and how to achieve it.
Presentations were given by Anne Elliott and Rosanne Green, Agricultural Specialists at Latimer Hinks Solicitors and Martin Redfearn, National Agricultural Specialist with Barclays Bank.
Rosanne Green outlined the legal formalities relevant to providing Banks with security for lending.
One of the important factors highlighted was that the borrowers and the owner occupiers may need to seek separate legal advice.
Rosanne used the example parents owning a farm, but the borrowing being taken by the farming partnership, perhaps including not only the parents but sons/daughters/daughters-in-law etc. Each would need to be advised in their different capacities.
Anne Elliott explained that at the point in time where borrowing is being taken/considered it is very important to look at the structure of the business and the aspirations/intentions of the various parties.
She stressed it was important for farmers to talk to all their advisers – the bank, the accountant, property or personal lawyer and financial adviser in terms of analysing where a business is going and, importantly, succession planning for older generations
Anne Elliott said: “The event provided a range of practical advice and information which those attending could take on board and which I hope will prove useful in their farming businesses.
It was good to provide the opportunity for people to hear what is involved in relation to setting up and finalising borrowing arrangements and also to talk informally to professional advisers.”
