Banks’ changes to SME loans 'unlawful’ - Telegraph

Banks’ changes to SME loans 'unlawful’ - Telegraph: "A quarter of entrepreneurs, private equity and hedge funds have reported that their bank had sought to change the original terms of their loan, while more than one in five (22pc) said their lender wanted to reduce the loan’s maturity, according to a survey of small companies and investors.
Masoud Zabeti, head of finance and banking at Mischon de Reya said businesses are being put under “increasing and unacceptable pressure by their banks”.
“In many instances, this appears to be in breach of the facility documentation and banks’ obligations,” he said, adding that a lack of awareness among businesses “of their rights and the obligations of the banks” and low expectations among borrowers had led to a situation where many companies “view any outcome that allows their finance to continue as being positive”."

'via Blog this'