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The challenges currently facing the alternative finance and asset-based lending industries

Chris Willison
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We recently brought together a group of industry experts for a lively discussion about the current state of affairs for alternative financiers and asset-based lenders. Here are the key takeaways from the event: Disrupt or collaborate: what is the best...

The Business Contract Terms (Assignment of Receivables) Regulations 2018: Are Asset-Based Lenders and SMEs really benefitting?

Chris Willison
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The Business Contract Terms (Assignment of Receivables) Regulations 2018 (the “Regulations”) are a positive benefit for both Asset-Based Lenders and SMEs as it will make working capital available to more SMEs through receivables financing....

HMRC as a secondary preferential creditor: implications for asset-based lenders

Chris Willison
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HMRC is currently an unsecured creditor in an insolvency process for tax debts. The Finance Bill 2019-20 will make HMRC a secondary preferential creditor for VAT and certain tax debts paid by employees and customers in insolvency proceedings commenced on or...

E-signatures in commercial contracts: More clarity please!

Chris Willison
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Whilst simple contracts and deeds can be executed using electronic signatures, there remains uncertainty around the legal validity of documents executed electronically and legislation would help clarify how contracts should be executed in an electronic...

How Asset-Based Lenders Can Prepare for the Domestic Reverse Charge for Building and Construction Services

Chris Willison
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  On 1 October 2019, the VAT domestic reverse charge is being introduced under the Value Added Tax (Section 55A) (Specified Services and Excepted Supplies) Order 2019 . In preparation for the change, discounters should review all facilities...

Court numbers on the increase - has the Pre-Action Protocol for Debt Claims worked?

Mark Ovenell
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Figures released by the Ministry of Justice at the beginning of June show a further rise in the number of claims being issued in the County Court. In the three months ending on 31 March 2019, 538,000 claims were issued in the County Court, with nearly 87% of...

Debenhams crisis: suppliers have options to consider

Tim Francis
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Despite reassurances from Debenhams’ chairman and CEO, suppliers of the department store will be understandably concerned by the recent press coverage of its woes. After all, it is common for suppliers of large retailers to suffer when those retailers...

Ban on Assignment - So What?

Chris Willison
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Yes, ban on assignment clauses can prevent receivables financiers from claiming compensation for breach of warranty. But they need not prevent the creation of a trust in the financier’s favour or their clients from paying them the proceeds of the...

Shadow directors and their duties: Instant Access Properties v Rosser and others; Murphy and another v Rosser and others

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Francis Wilks & Jones successfully defended Mr Rosser, the first defendant in the proceedings, against a claim that was brought by the Liquidators of Instant Access Properties Limited (in Liquidation) (“the Company”) against the de jure...

Cryptocurrency and the future issues facing the insolvency profession

Christopher Ahearne
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How do you trace digital currency as an asset when it is designed to avoid tracking? How do you ensure the full and ongoing cooperation of pursued individuals in order to identify and liquidate digital currency? Do creditors always have a proprietary claim to digital assets?

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