On 15 March 2017 the Government published draft new Regulations intended to implement the Fourth Money Laundering Directive ((EU) 2015/849) (“MLD4”) that needs to be transposed into UK law by 26 June 2017.
Continue ReadingWe are pleased to announce that we have very recently published the fourth edition of our popular Guide to Invoice Finance Law , which brings the previous third edition published in 2012 right up-to-date with relevant legislative and case law developments.
Continue ReadingAs long ago as December 2014 the Government announced its intention to bring forward legislation outlawing bans on assignment in commercial contracts.
Continue ReadingThe process of replacing the Insolvency Rules 1986 and 28 subsequent amendments has necessarily involved difficult balancing exercises between the interests of numerous stakeholders, but the general consensus among creditors is that The Insolvency (England and Wales) Rules 2016 (SI 2016/1024) (“IR 2016”) which came into force on 6 April 2017 are likely to significantly improve the insolvency process for most creditors.
Continue ReadingThe Department for Business, Innovation & Skills (“BIS”) announced its intention to bring forward legislation outlawing bans on assignment in commercial contracts as long ago as December 2014.
Continue ReadingOn 12 September 2016 the Law Commission published its final report containing proposals to modernise the archaic Bills of Sale regime. The driver for reform was the increased use of logbook loans in the consumer vehicle finance market, but the registration of whole turnover invoice finance agreements with sole traders and partnerships as Bills of Sale also fell to be considered.
Continue ReadingThere remains a degree of confusion as to the extent to which invoice financiers are affected by the provisions of the Consumer Credit Act 1974 as now amended by the Financial Services and Markets Act 2000. This is not helped by the fact that some of the statutory provisions are amongst the most opaque anywhere on the statute book, which is largely as a result of the piecemeal way in which the various European directives have been incorporated into UK law over the last 30 years.
Continue ReadingThere was considerable disappointment amongst invoice financiers who operate factoring facilities when the Court of Appeal rejected the recent attempt to strengthen a funder’s position against a debtor who remained silent about a historical rebate claim which only emerged after the demise of the client.
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Factoring and invoice discounting (both forms of receivables finance) are useful cashflow sources in the commercial marketplace and used by many SME’s. Following the global financial crisis of 2008 and the previous “credit crunch”, the UK government has looked to facilitate and encourage alternatives to traditional bank-led sources of finance, particularly for SMEs.
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