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Chris Willison
 

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

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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

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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!

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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

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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...

Ban on Assignment - So What?

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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...