City of London Law Society: ‘New business contract terms could have detrimental effect’

City of London Law Society: ‘New business contract terms could have detrimental effect’
The City of London Law Society (CLLS) has written to the Department for Business, Energy & Industrial Strategy concerning its issues with the Business Contract Terms (Assignment of Receivables) Regulations 2017. The chair, Dorothy Livingstone states that the letter is to explain why the CLLS believes the Regulations ‘will create substantial uncertainty in a wide range of financial transactions and may adversely affect access to finance for UK businesses if they are adopted’. The CLLS believes the best outcome would be for the Regulations to not be approved and the terms be reconsidered.  
The new law is primarily to enable small and medium-sized UK enterprises to obtain better access to finance by outlawing prohibitions on the assignment of receivables, with the hope that this

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About the author:
Eleanor qualified in 1998 into the insolvency team at ASB law. She became a partner in 2005, and went on to head up the Recovery & Insolvency team. Whilst traditionally specialising mainly in contentious corporate insolvency matters, in recent years she has moved into the non contentious arena, in particular specialising in company administrations.