Monthly Highlights: November 2017

Monthly Highlights: November 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from November 2017.

Brexit

EU Scrutiny committee examines Brexit’s impact on financial services

The House of Commons European Scrutiny Committee has produced a report on Brexit and the UK’s financial services sector, interim arrangements, and the possibility of a ‘cliff-edge’ departure. The report also discusses the status of EU legislative proposals on resolution and recovery, and capital requirements.

Lending

Buyer properly unwinds trade as deadline expires (VR Global Partners LP v Exotix Partners LLP)

The case of VR Global Partners, L.P. v Exotix Partners LLP [2017] EWHC 2620 (Comm) considers the ability of a buyer of a loan participation to insist upon unwinding the transaction where the deadline for meeting a condition to the sale expires. The case examines the extent of the buyer’s obligation to act in good faith and assist the other parties in meeting the deadline. For more information, see News Analysis: Buyer properly unwinds trade as deadline expires (VR Global Partners LP v Exotix Partners LLP).

Security

Law Commission publishes final draft of the Goods Mortgages Bill

The Law Commission has published its final draft of the Goods Mortgages Bill, which is intended to replace the Bills of Sale Acts to govern how individuals use existing goods as security. The Commission recommends the Acts be repealed in their entirety, and recommends among other things that a goods mortgage should be a ‘charge’, rather than a transfer of ownership.

Bills of sale mean individuals can use goods they already own as security for loans or other obligations, while retaining possession of those goods. The two statutes governing such bills date from 1878 and 1882 respectively.

The Commission has recommended that the Bills of Sale Acts be repealed entirely, and replaced

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.