We have in the past been critical of faults in the court system and the drive towards ever increasing fees, so it is only fair that we also give credit where credit is due.Continue Reading
The 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 Reading
The FLA has joined forces with the Department for Education (DfE) and the National Association of School Business Management (NASBM) in producing a new document “Leasing Guidance for Schools”.
This document replaces the previous FLA publication from 2011 – ‘Tips for Successful Leasing in Schools’.Continue Reading
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017. The new Regulations implement the Fourth EU Money Laundering Directive (“MLD4”) and entirely replace the Money Laundering Regulations 2007, and their provisions are markedly more comprehensive.Continue Reading
Following an extensive consultation process since 2009 the final version of the Pre-Action Protocol for Debt Claims as dictated by the Ministry of Justice will come into force on 1 October 2017.Continue Reading
We are pleased to announce that we have very recently published 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.Continue Reading
Whilst it is too early to predict the likely effects of Brexit on legal issues in the asset finance industry, it is worth noting that much of the current legislation affecting consumer credit derives from EU Directives.Continue Reading
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  EWHC 2205.Continue Reading
The 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 Reading
We 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 Reading