Jan 2025 - Scotland - The new Register of Assignations
Scotland - The new Register of Assignations
On 1st April 2025, all sections of the Moveable Transactions (Scotland) Act 2023 come into force. “Moveable” property includes includes personal rights (referred to as “claims” in the Act) like claims to a sum of money, copyrights and other intellectual property which is “incorporeal” and cannot be physically moved. Nevertheless, in legal terminology it still counts as “moveable” property. The Act modernises the law about transferring personal rights or claims.
In terms of the new law, existing as well as future debts can be assigned, generally without the consent of the debtor. Therefore, a business can assign its unpaid invoices to a financial institution in order to raise finance, without notifying every invoiced customer, provided the assignation deed is registered in the new official public register, which will be known as the Register of Assignations. If the deed is registered, and the debtor pays the original creditor in good faith, then the debtor is released form his obligations, and the new creditor can look to the original creditor for payment. This situation can of course be voided by notifying the debtors about the fact the debt has been assigned. The registration of the assignation deed protects the new creditor against bankruptcy r insolvency of the original creditor.
A single registration may cover indefinitely many claims. Suppose company A is selling 1,000 consumer loans to company B. It is also possible to assign all customer invoices arising in the next, say, six months (or any other time period), although, even with registration, nothing passes to the assignee until the claim comes into existence.
Scotland - New edition of commercal leases textbook
"Commercial Leases in Scotland: A Practitioner's Guide"
by Ken Gerber, of Mitchells Roberton. This is a user-friendly guide to Scottish law of leases of commercial property, written for lawyers, surveyors, property managers and investors, with information on corresponding provisions of English law. The 5th edition of this textbook was published in December 2024.
For more details please e-mail to: ksg@mitchells-roberton.co.uk
From the CLG network
Bankruptcy and Personal Insolvency - Cross Border Asset Recovery and Enforcement
Bankruptcy and Personal Insolvency - Cross Border Asset Recovery and Enforcement -
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