Partnership retirement and restructuring

Birkett Long acted for the Partners of a GP Practice and their Bank (in connection with the financial arrangements) in relation to the retirement of a Partner. The work involved restructuring the GPs loans to newly appointed and continuing Partners who run two General Practices.

In order to conclude this matter, we had to ensure new legal charges were put in place and existing charges redeemed, as well as liaise with the Landlord of leasehold premises and its solicitors. The matter was made complex by the leasehold property and the requirement to satisfy landlord requirements as well as Bank requirements in perfecting the transfer and security.

Once completed we also advised the new partners on the termination of their NHSE contract and the implications this had for ongoing property ownership and in particular loan requirements, liaising regularly with the Bank to ensure there was no enforcement of the charge for breach of banking covenants.