A difficult point of consumer credit law has for some years been the extent to which a one-off or occasional series of transactions may be subject to the need for licensing or authorisation. The issue arose in the recent High Court case of Newmafruit Farms Ltd v Pither [2016] EWHC 2205.
Continue ReadingThe FCA has now published its finalised guidance (FG17/1) concerning default notices and guarantors under regulated consumer credit and consumer hire agreements.
The FCA previously consulted on its draft guidance twice during 2016, resulting in revised draft guidance in October which took a more burdensome view of funders’ obligations. The Final Guidance is largely unchanged from the October revised draft.
Continue ReadingWe recently successfully represented a funder at a High Court trial which reaffirmed a number of interesting points for asset financiers involved in funding parts of the motor trade.
The funder had arranged for one of its motor dealer clients to look after vehicles which had been provided by the dealer with finance from the funder but had subsequently been repossessed. There was a verbal agreement for payment of a commission for sales which the dealer achieved in respect of these vehicles.
Continue ReadingThe FCA has published revised consumer credit information sheets to accompany arrears and default notices, which must be used by funders from 14 April 2017. Until then, the current versions (which have been in force since 2014) must be used after the initial draft of the new versions intended to come into effect this January were found to be defective and had to be withdrawn.
Continue ReadingWe will shortly be publishing the fourth edition of our popular Guide to Asset Finance Law , which brings the previous third edition published in 2012 right up-to-date with relevant legislative and case law developments, setting out differences between English and Scots law.
Continue ReadingFunders with experience in the education sector have for some time been aware of arguments that as a matter of law finance leases with local authority schools may not be enforceable on the grounds that they are ultra vires, and to compound this many schools have threatened legal action claiming repayment of sums paid under such leases. Many tens of millions of pounds are involved and the issue has led to many funders retreating from this type of business altogether.
Continue ReadingWorkplace dress codes have been hitting the headlines recently as a result of the challenging (and potentially discriminatory) demands some employers have placed on their female staff.
In late 2015 the press reported that Nicola Thorp had been sent home from her agency role as a Receptionist at PwC’s offices in London as a result of her refusal to wear high heels in the workplace. She was informed that the smart, flat shoes she was wearing were not acceptable under the dress code policy as it required heels of a specific height to be worn. The agency had a particularly detailed dress code policy which specified, amongst other things, that female staff must:
Continue ReadingThe existence of Prenuptial Agreements (pre nup) has been given a further boost by a recent Family Court decision at the end of 2016. Whilst pre nups are not legally binding, the Family Courts in England are increasingly willing to uphold pre nups as long as they were entered into freely with full understanding of their implications by both parties. Comprehensive financial disclosure is of paramount importance together with careful drafting and detailed legal advice to be provided to both parties.
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Recent changes in legislation, as part of Government policy to encourage first time buyers and owner – occupier purchases, have focused on the position of buy to let landlords.
As from April 2017 the reduction of tax relief on finance costs to the basic rate of tax will begin to be phased in and this will be fully in place from April 2020. In November guidance was given on the increases in Stamp Duty Land Tax (SDLT) which were first announced a year earlier .The position is as follows:
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You are about to sue a customer for unpaid invoices, or a supplier for faulty goods or services – or maybe they are suing you. The case will be disputed.
You are confident you will win but you need to know if you can recover your legal costs.
Of course, you also need to know the position on costs should you lose the case.
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