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Bermans new starters round up

At Bermans we are committed to continual development to ensure that our clients have access to the best service possible. Our recent additions to the firm reflect this and our dedication to providing high quality services to our clients.

Read on to learn more about Bermans recent new-starters.

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Bills of Sale Reform

On 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.

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Invoice Finance and the Consumer Credit Act

There 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.

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Hope for UK Businesses Seeking Finance for Invoices owed to them by Government Agencies and Public Bodies

Alex

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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