There are a few very few cases in the law reports dealing specifically with factoring or invoice discounting, so we always pay particular attention to those that are reported, and in this respect it is worth reflecting upon the recent decision of the High Court in Elevar Finance SPV Photon LLC v Mr Sabesan Somasundaram [2023] EWHC 151(Ch).
Continue ReadingThe Industry Working Group on Electronic Execution of Documents set up by the Government in response to the 2019 Law Commission Report has published its final report.
Continue ReadingThere has been understandable focus recently on the question of virtual witnessing of documents such as Deeds of Guarantee which require the presence of a witness, a topic dealt with in our last Briefing and to which we will return later in this one. It is important however to remember that the vast majority of Deeds are still executed by wet signatures and in this regard there has been an important recent decision of the High court favourable to financiers.
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Jenny joined Bermans in April 2023 as a paralegal and is currently a Trainee Solicitor in our Asset Based Lending team based in Manchester.
She graduated with a Law Degree in 2021 and the LPC with Business and Management MSc in 2022 at Liverpool University. She also has previous experience in corporate law.
Jenny assists on a range of asset finance, invoice finance, and general corporate finance for lenders and financial houses.
Outside of work, Jenny likes to stay active being a keen runner, skier and gym go-er.
E: jenny.chapman@bermans.co.uk
T: 0161 393 7120
Continue ReadingIn our autumn 2019 Briefing we welcomed the Law Commission’s final report on Electronic Execution of Documents and set out our views on certain practical matters including the crucial question of whether those documents requiring attestation of the primary signature by a witness necessitated the physical presence of the witness at the point of signature.
Continue ReadingOur summary of the requirements for formalities of contracts likely to be encountered by invoice financiers referred to above also explains the circumstances in which certain contracts executed as deeds require formalities such as in some cases the presence of a witness.
Continue ReadingWe continue to carefully monitor the law reports for case law which illustrates the impact of the pandemic on invoice financiers, both in terms of:
As the era of unusually low interest rates comes to a close, it is worth paying attention to what rate of interest the courts are likely to allow in relation to successful financial claims.
Statue provides that in general terms once judgment has been granted in the English courts, interest of 8% per annum will be awarded on the judgment sum until it is paid.
Continue ReadingFinanciers have been, together with almost all other litigants, subject to what seems to be an ever-increasing spiral of expense in navigating the various fees and charges payable under the court system, a trend which is been in place now for almost 2 decades.
Continue ReadingWe were rather surprised recently to see a commercial law firm attempt to impose Third Party Debt Orders (“TPDOs”) both on an invoice financier and on debtors whose debts had been assigned to it, in each case in favour of a claimant who had secured a court judgment against the assignor.
TPDOs were formerly known as Garnishee orders, and are governed by Rule 72 of the Civil Procedure Rules which provides:
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