Asset financiers grappling with the threats and opportunities posed by AI may be interested to learn of the impact AI, and in particular the recent developments in generative AI, are likely to have on their interactions with their lawyers and with the court system.
Continue ReadingWe pointed out in an article in the Briefing last summer that the extent to which there should be any regulation of transactions with business customers has been a matter of hot debate in the asset finance industry going back decades, and we recalled that when the Consumer Credit Act 1974 first came into full effect in 1985 there was much discussion about future reforms excluding business customers altogether.
Continue ReadingIn regulated Hire-Purchase and conditional sale (but not Lease or Hire Agreements) section 90 of the Consumer Credit Act 1974 (“CCA”) provides that once one-third of the total price of the goods has been paid for, the goods become ‘protected’ and the Financier is not entitled to recover possession without a Court Order except where the debtor gives his genuine consent.
Continue ReadingAlex Chapman
It would be remiss of me not to mention that this will be Peter’s last briefing as Editor before he sets off for his well deserved retirement. Peter is a legend of the invoice and asset finance industries and has been associated with Bermans for most of his working life – initially as a barrister in Oriel Chambers in Liverpool when Bermans used his services as an advocate and advisor on so many occasions that he was invited to join us in 1989 as a Solicitor Advocate and Partner. He remained as such until 2013 when he became a Consultant since when he has continued to be an invaluable member of our ABL team.
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Jonathan Berkson, (pictured) joined Bermans in June 2013 and is a Senior Partner in our Asset Based Lending and Litigation teams. We spoke to him to learn more about him and his work.
In recent years the Government has applied a great deal of focus to the whole question of the funding of the civil litigation system and the ability of litigating parties to recover costs against opponents.
Continue ReadingFunders gearing up to deal with the avalanche of broker commission claims in motor finance cases will likely be aware of a recent stream of negative decisions coming from the higher Courts on matters including the relevant limitation period for bringing claims, but there is some welcome news in a recent County Court decision on one of the key issues.
Continue ReadingOur last Briefing contained a detailed analysis of the decision of the commercial Court judge in Last Bus Ltd (trading as Dublin Coach) v Dawsongroup Bus and Coach Ltd which resulted in a welcome and somewhat rare victory for a funder in upholding an exclusion clause in a Hire Purchase Agreement.
Continue ReadingThe announcement by the FCA in late July last year of its final decisions on implementing the new Consumer Duty has led to a range of responses within the leasing and consumer credit industries.
The aim of the FCA is said to be to fundamentally improve how regulated firms serve consumers, by setting higher and clearer standards of consumer protection across financial services and explicitly requiring regulated firms to put their customers’ needs first.
Continue ReadingAsset financiers have not had much comfort from the sorry tale of the Arena TV fraud, but we did notice with interest a passage in a recent judgment against the main perpetrator individuals behind the fraud which illustrates the principle that in certain circumstances victims of fraud can trace assets such as foreign property which the fraudsters have obtained with the proceeds of the fraud.
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