header-logo header-logo

Civil way: 14 December 2018

13 December 2018
Issue: 7821 / Categories: Features , Civil way , Procedure & practice
printer mail-detail

Invoice assignment bar goes; disbursementless bills; no child support, no passport; latest service charge wars

ROLL UP, ROLL UP

So you are a small or medium sized business and you need the cash flowing in. Then assign the right to future payment of your invoices to a finance company. Around 40,000 businesses in the UK use invoice finance at a typical cost of 20% of value. It would be more but for the common contractual prohibition against assignment.

To the rescue come the Business Contract Terms (Assignment of Receivables) Regulations 2018 (SI 2018/1254) (made under s 1 of the Small Business, Enterprise and Employment Act 2015) which apply to any contractual term made on or after 31 December 2018, five years since the idea of legislation in the area was floated with a government discussion paper. The regulations extend to England, Wales and Northern Island. Any term prohibiting or imposing a condition on the assignment of a receivable (invoices and other rights to be paid money under a contract) is to have no effect.

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Clarke Willmott—Declan Goodwin & Elinor Owen

Clarke Willmott—Declan Goodwin & Elinor Owen

Corporate and commercial teams in Cardiff boosted by dual partner hire

Hill Dickinson—Joz Coetzer & Marc Naidoo

Hill Dickinson—Joz Coetzer & Marc Naidoo

London hires to lead UK launch of international finance team

Switalskis—11 promotions

Switalskis—11 promotions

Firm marks start of year with firmwide promotions round

NEWS
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The next generation is inheriting more than assets—it is inheriting complexity. Writing in NLJ this week, experts from Penningtons Manches Cooper chart how global mobility, blended families and evolving values are reshaping private wealth advice
Artificial intelligence (AI) is rapidly transforming sport, from recruitment and training to officiating and fan engagement. Writing in NLJ this week, Professor Dr Ian Blackshaw of Valloni Attorneys at Law explains how AI now influences everything from injury prevention to tactical decisions, with clubs using tools such as ‘TacticAI’ to gain competitive edges
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
A Competition Appeal Tribunal (CAT) ruling has reopened debate on the availability of ‘user damages’ in competition claims. Writing in NLJ this week, Edward Nyman of Hausfeld explains how the CAT allowed Dr Liza Lovdahl Gormsen’s alternative damages case against Meta to proceed, rejecting arguments that such damages are barred in competition law
back-to-top-scroll