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Asset Finance: Brexit impact limited, but an appetite for further reform?

Whilst much uncertainty remains as to the future arrangements for asset financiers doing business across Europe, we can now say that in terms of specific legislative requirements upon the operation of asset financiers within the UK, required changes would appear to be limited to the deletion of references to “standard European consumer credit information” (SECCI) from CCA regulated consumer credit agreements as reported in our last Briefing.

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The Long and Winding Road to a Guarantor Recovery

Jonathan Berkson

Jonathan Berkson

Back in 2004, Porter Capital Corporation (“Porter”), a US finance Company based in Birmingham, Alabama, financed a US corporation (“Corporation”) via an invoice finance facility. To secure the finance, they took guarantees from three guarantors, one of whom lived in London and was a co-owner of a valuable Knightsbridge apartment on Hyde Park in London and shares in a family company. The finance documentation was expressed to be under Connecticut law.

By 2008, things were going wrong for the Corporation and by March 2010 just prior to the Corporation’s Chapter 7 Bankruptcy in the US, Porter wrote making its demand for the account shortfall against the finance agreement’s three guarantors.

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Asset and Invoice Finance Newsletters

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Contractual Estoppel May Apply in Business Leasing

The High Court has recently held that a party who made contractual representations as to the validity of an aircraft lease was contractually estopped from subsequently alleging that the agreement was invalid.

In Wallis Trading Inc v Air Tanzania Company Limited  [2020] EWHC 339 (Comm) the lessee (Air Tanzania) made certain representations including that the lease was legal and valid, and that it had obtained all required authorisations and consents to enable it to enter into and perform the lease. Air Tanzania later argued that the lease was invalid because (among other things) it had failed to comply with Tanzanian public procurement laws.

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No More SECCI

The Consumer Credit (Disclosure of Information) Regulations 2010 have been amended so that references to “SECCI” (the Standard European Consumer Credit Information) are deleted – the documents shall now simply be known as the Pre-Contract Credit Information.

However, there is no substantive change to the contents of the document.

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