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Chris Willison
 

Taking security over CBILS borrowers' assets: questions lenders are asking

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Before offering finance through the Coronavirus Business Interruption Loan Scheme (CBILS), lenders must first seek to take security over a borrower’s available assets for repayment of the loan – the CBILS will only cover up to 80% of any...

Is COVID-19 a Material Adverse Change?

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By implementing a Material Adverse Change clause (MAC) in agreements, lenders are often able to hold back - or even cease - providing finance to a client if there is (or will be) a material adverse change in the business, financial condition or ability to...

Who qualifies for the Coronavirus Business Interruption Loan Scheme?

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The Coronavirus Business Interruption Loan Scheme (CBIL Scheme) was announced by the chancellor on 11 March and is available to businesses with a turnover of up to £45 million. It aims to support those SME businesses that were trading...

How to continue executing legal documents and variations when everyone is working remotely

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A lot of our banking, finance and borrower clients are asking us how they can continue executing documents and variations as deeds or contracts in the current crisis when it is not possible for parties to sign in person or for those signatures to be...

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

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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 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...