In these unprecedented times, Axiom Stone Solicitors will, in common with other businesses, be following the Government's official advice on social distancing and social isolating.

Public health measures must have the highest priority and, as a result, some staff will be working from home. Also, our offices will be closed to visitors.

However, we wish to reassure existing and potential clients that we will continue to provide the highest levels of service.

Please be assured we have a robust business continuity plan in place that is designed to minimise the impact on our service to you.

In addition, please continue to contact us electronically or by phone in relation to the progress of your matters or on any issues of concern to you.

Until further notice, service of claim forms, application notices and all other court documents and contractual notices must be made to our head office only (we shall not accept service through any other means). Our head office address is at Axiom Stone Solicitors, Axiom House, 1 Spring Villa Road, Edgware, Middlesex, HA8 7EB. We ask that all other correspondence be sent by email to the relevant member of Axiom Stone Solicitors. In the event that service of court documents or contractual notices is attempted by post, courier, DX, or fax to any address other than that of our Head Office, we cannot provide any assurance that they will be received or processed. We are grateful for your understanding at this time.

We will update this information regularly on our website (Please see COVID-19 Updates Here) and via social media.

Finally, we urge everybody to follow the official advice on fighting the virus outbreak so enabling you to stay safe and well.

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Differences between an Intercreditor Deed, Deed of Priority and Deed of Subordination

1. An Intercreditor Deed and Deed of Priority tend to be used interchangeably in the industry as both types of document seek to rank creditors. However, the main difference between the two is that the former is more complex in material.

2. A Deed of Priority only seeks to rank secured debt providers to regulate the distribution of proceeds and enforcement of security. The Intercreditor Deed will seek to additionally regulate the creditors right to receive payment before any enforcement of security from a debtor and the creditors rights to enforce security over the assets of the debtor.

3. A Subordination Deed includes provisions where the junior creditor agrees not to be paid by the debtor until the senior creditor has been repaid in full.  This deed will be used where the junior creditor does not have security from the debtor which means there is no need to establish a priority ranking for proceeds of enforcement of security.

 


 

For further information please contact Rima Sengupta, Senior Associate on 0203 827 6100 or email: rs@axiomstone.co.uk