TO BANKS AND FINANCIAL INSTITUTIONS

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SPECIAL LEGAL SERVICES TO BANKS AND FINANCIAL INSTITUTIONS

Legendglobe Attorneys draws together three principals with extensive experience in banking law and practice acquired through their distinguished careers with a commercial bank, the Central Bank academia, and private practice involving a number of banking sector clientele. Its mission is to provide high-quality legal services to its clientele in its specialty areas. Its vision is to become a top-notch firm providing legal services to the banking sector.

The firm therefore retains encyclopedia knowledge of banking regulation and practice under the Banking and Financial Institution Act, The Bank of Tanzania Act and regulations made thereunder and thorough knowledge of day-to-day legal issues and challenges that face commercial banks in their daily operations and related matters.

We must emphasize here that the banking and financial sectors are highly regulated due to their sensitivity and pivotal role in maintaining a robust and strong economy. Thus there are a plethora of regulations, guidelines and circulars to regulate matters such as licensing mortgage finance, development finance corporate governances, capital adequacy, foreign exchange regulation, money laundering issues, and leasing finance to name a few.

Through our vast experience, we have encountered and solved, litigated, or advised on those legal challenges involving the following issues:

Compliance with the provision of the Banking and Financial Institutions Act and the Bank of Tanzania Act and regulations guidelines and circulars made under those Acts.
Interpretation of various transaction documents in banking that include loan and credit agreements, letters of offers, debentures and mortgage deeds, deeds of guarantee chattel mortgages, promissory notices, and others.
Third-party mortgages and spouse consent.
Enforcement of securities, particularly the aspect of preliminary procedures, auctions and conducts of court brokers.
Preparation and conduct of recovery suits particularly the problem of proving the liability of borrower’s mortgagors and guarantors and occasions of summary suits.
Dealing with interim action taken by borrowers/mortgagors to obstruct the recovery process
Issues pertaining to limitation of time. This, according to our experience, is a very serious problem.
Forgeries affecting banks and other deceptions.
Mortgages involving former government properties.
Advances against sale agreements as licenses and securities and their enforcements
Mortgages involving matrimonial homes and matrimonial assets. This area is very problematic
Enforcement of leasing and finance/asset purchase financing agreements.
Effect of banks performance guarantees and guarantee for advance payment and their breach.
Legal treatment of loans removed from the balance sheet (written off) and declared non performing.
Human resources aspect of banking operations.
Obstruction of the recovery process.
Liquidation and receivership under mortgages and debentures.
Internal pre suit procedure prior to institutional proceedings (resolution).
Cross mortgages among sister companies.
Mortgages of leases and remedies thereof
Improper or incomplete perfections of security documents.
Guarantees by foreign companies with or without branches in Tanzania.
Compliance with Money Laundering Act and Regulations.

Thus the Legendglobe Attorneys banking team is well equipped to deal with all challenges and will be able to provide the following legal intervention and solutions;

To prepare and perfect all types of security documents in accordance with the law.
To review and offer opinion on all transactional documents prepared by legal teams of the bank and other related contracts and agreements to ensure that they comply with Tanzanian laws.
To give pre an opinion in recovery suits on the available chances of the bank succeeding, including sufficiency of evidence and compliance with pre-suit procedures
and legal limitations if any
To manage litigation processes appropriately by preparing flawless and impeccable pleadings to ensure that all procedural steps towards timely completion of such litigation
are followed appropriately. This would entail proper presentation of documentary evidence, drafting appropriate proposed issues for determination, preparation of good
quality witness statements if applicable and composition of high-quality submissions.
To advise on the appropriate process of recovery to be followed in the circumstances whether through litigation or enforcement of security documents out of the court
To conduct due diligence exercises to ensure that the spouse’s consents are real and not manipulated at the detainment of the bank and to ensure that non-spouse declarations or affidavits are true in substance.
To prepare various statutory notices under the Companies Act, Land Act, and Regulations made there under the Auctioneers Act, Law of Contract, final demand notes, and contractual
notices under deeds of guarantees and promissory notes, mortgages, etc.
To advise on the procedure for enforcement of various bankers’ security and undertaking such enforcement i.e. receiverships, liquidations, and other recovery measures.
Preparation and review of employment agreements.
To advise on termination and redundancies to avoid successful post-termination litigation by employees.
To advise on compliance matters under relevant Acts and regulations to ensure that banks conduct their business in accordance with regulatory laws.
To advise on various compliances during the merger or purchase of the bank’s assets under BOT (Banking and Financial Institution Act, The Bank of Tanzania Act and
Regulations and the Companies Act. Competition laws)
To advise on money laundering issues affecting banks.
Any other legal services as may be required.

OUR COMMERCIAL TERMS OF SERVICES

Generally, the firm will abide by the Advocate Remuneration Order 2015 wherever is applicable, regard being that the order is not exhaustive. However, the firm has a billing policy that may be provided at request.

The practice of the firm is to issue engagement letters or engagement agreements that shall define the service terms of the engagement as agreed.

TO BANKS AND FINANCIAL INSTITUTIONS

Download the legal services guide for Banks and Financial Institutions by clicking the button below or scroll down to read it here

SPECIAL LEGAL SERVICES TO BANKS AND FINANCIAL INSTITUTIONS

OUR COMMERCIAL TERMS OF SERVICES

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