Financial Institutions and Markets

By: Richard Curran and Sinéad Greene
LK Shields Solicitors (Ireland)

The death of a business partner can have a major impact on the terms of a loan. Richard Curran and Sinéad Greene discuss the implications of being jointly and severally liable.

The concept of joint and several liability is often used in relation to bank facilities entered into by two or more borrowers, whether they are companies or individuals. However, it is a concept that is quite often misunderstood. Often borrowers - and, indeed, the banks themselves - are unaware of the impact that the death of one co-borrower will have on the terms of the facility. Click here to read entire article.