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Wednesday 5th February 2014

To hold Insurer's Funds


Now capable of holding Insurer's Funds for settlement of...

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Wednesday 5th June 2013

Sean Gates to pursue other opportunities in the aviation industry


Sean Gates, one of the principal shareholders of Securus...

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FAQs

We recognise that the escrow process is a unique and special service and that you may have questions. Some of the most frequently asked are below but if you have others please don't hesitate to contact us on info@securusescrow.com

How are my funds protected?
All funds are held in an account at an independently rated international bank to ensure security at all times. Our accounts are held by HSBC Bank in London. Securus agrees contractually to hold these funds on trust for the parties - according to their wishes expressed in an escrow agreement.
As further security, we have taken the initiative to take out Professional Indemnity insurance in the London insurance market. This initiative was taken to stand us apart from our competitors and to give comfort to you our customer that we take our responsibility to you seriously and offer you the added protection of independent cover.
We insist on escrow agreements between us and you the parties to the transaction. The main reason for this is so that we can confirm to you that we are holding your important documents and purchase monies on trust. This also ensures there is little opportunity for dispute as to your instructions to us. We want to ensure your transaction is seamless and that we clearly understand your intentions. We can in this way offer a professional and efficient service to you.
At what point should I enlist the services of an escrow agent?
Typically we are enlisted at the "letter of intent" or "heads of terms" stage when the buyer is asked to pay a deposit to “hold” the aircraft and take it off the market. However we are at your disposal in this regard – some of our clients wait until the day before the Closing Date to get us involved! Obviously slightly more notice will help our reaction time and help us get your account set up. We do need Client Identification and if you can help us get this in place early on, it ensures a quicker and more efficient service from us.
How is the escrow agent funded?
This will depend on the arrangement between the parties but most usually, each side pays half our fees. Our fees must be paid on, or immediately after completion of the transaction and are deducted from the funds lodged to the escrow account.
How long does the process take?
This entirely depends on the negotiations between the buyer and seller. We do not get involved in the sale negotiation. We are here simply to act as a conduit when the parties are ready to complete the sale. Provided each side has complied with its obligations to lodge the necessary papers and funds to us, we can then carry out your instructions to us.
Do I need to be in the same country as my escrow service?
Quite simply, no! While it would be nice to meet you in person, we do not need to. All our transactions are international and we can deal with any jurisdiction.
What happens if the aircraft is withdrawn from the sale?
This will be dealt with in the escrow agreement and is at the behest of the parties involved. If the transaction is in early stages, the parties will need to agree what happens to the deposit (i.e. is it refundable or non refundable) and instruct us accordingly. Similarly, if we are holding title documents and the balance of the purchase price, you will need to tell us what to do. It is very important you decide this and agree terms in writing to avoid any disputes.
What happens if the deal does not go through do I still have to pay the escrow service?
If you have used our services, then yes we do expect you to pay. We can discuss this with you but we do ask you to be fair.
If it turns out the aircraft can not be transferred from said owner what happens to the funds?
Again, this will depend on your agreement and your instruction to us. If it turns out for instance that the seller does not actually own the aircraft, the sale agreement will usually provide for the deposit to be returned to the purchaser.
Will I see my agent on a regular basis?
Not unless you would like to! We are happy to welcome you to our offices in London at any time.
What legal jurisdiction does the escrow agent work under?
Securus is a limited liability company incorporated in England. We are therefore subject to the laws of England and in particular the Companies Act, 2006. All our escrow agreements are governed by English law which is a safe and reputable system of law.
What qualifies as client identification?
For Securus to proceed with the escrow management client identification is required. Requirements will be dependent on the status of the buyer and seller. Information generally required will include the name and address of the buyer and the seller. Copies of company documents (e.g. articles of association) and details of the directors and shareholders if the buyer or seller is a corporate. An up to date utility bill (within the last 3 months). A certified copy passport of at least one of the directors of each company, or of the individual buyer and seller.
What is your Registration Number with HM Revenue and Customs?
Securus Escrow Limited is registered for supervision under the money laundering regulations with HM Revenue and Customs (“HMRC”) – MLR Registration Number: 12651201

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Securus Escrow Limited

Unit 16A Victor Road

Windsor

Berkshire

SL4 3JU


T +44 01753 859 011