Do I need a General Security Agreement?
A General Security Agreement can be used by your business to secure a commercial loan. It’s a good idea to have a General Security Agreement so that your business is protected.
A written agreement will clearly outline the property subject to the security so that there is no confusion about what assets are exposed if you can’t repay the loan.
All security agreements have to be registered on the Personal Property Securities Register maintained by the government.
We’ll work with you to understand your business and goals so that we can deliver a tailored agreement suitable for your business.
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What happens if I can’t repay the loan?
General Security Agreements are commonly used but can have significant implications for your business. It’s important you get legal advice about the obligations you have if you fail to repay your loan. It is possible that the lender will be able to enforce their right to recover any property you have nominated as security.
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Frequently Asked Questions
A General Security Agreement is a legal document between a borrower and lender, where the borrower nominates certain business assets as collateral for a loan. If the borrower cannot repay the loan, these assets may be recovered by the lender.
Every situation is different, which is why you need expert advice from a commercial lawyer. We’re small business specialists, so you know you’re in safe hands with us.
We’ll consider your unique situation and let you know if we think this is right for your business.
Our head office is at Inspire Cowork – a coworking space in Sydney – but we also support flexible work for our team. Our lawyers can work from anywhere.
We use technology to come to you, wherever you’re located around Australia. Many of our clients work from home or at coworking spaces, just like us.
We communicate with our clients via phone, email and Zoom – whatever works best for you. There’s no need to meet face to face, but if you’re ever in the area you’re welcome to drop in!