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

Quinn Emanuel—James McSweeney

Quinn Emanuel—James McSweeney

London promotion underscores firm’s investment in white collar and investigations

Ward Hadaway—Louise Miller

Ward Hadaway—Louise Miller

Private client team strengthened by partner appointment

NLJ Career Profile: Kate Gaskell, Flex Legal

NLJ Career Profile: Kate Gaskell, Flex Legal

Kate Gaskell, CEO of Flex Legal, reflects on chasing her childhood dreams underscores the importance of welcoming those from all backgrounds into the profession

NEWS
Overcrowded prisons, mental health hospitals and immigration centres are failing to meet international and domestic human rights standards, the National Preventive Mechanism (NPM) has warned
Two speedier and more streamlined qualification routes have been launched for probate and conveyancing professionals
Workplace stress was a contributing factor in almost one in eight cases before the employment tribunal last year, indicating its endemic grip on the UK workplace
In NLJ this week, Ian Smith, emeritus professor at UEA, explores major developments in employment law from the Supreme Court and appellate courts
Writing in NLJ this week, Kamran Rehman and Harriet Campbell of Penningtons Manches Cooper examine Operafund Eco-Invest SICAV plc v Spain, where the Commercial Court held that ICSID and Energy Charter Treaty awards cannot be assigned
back-to-top-scroll