The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
The debt sale and purchase market has for some time been very active throughout the UK. It is an important way for lenders and debt sellers to reduce balance sheet liability and the number of specialist debt purchase and collection entities in the UK has grown significantly over the last several years. It is often used as a way to obtain value for under-performing accounts but sales take place in relation to all types of debt: regulated mortgages, loan and card agreements regulated by the Consumer Credit Act 1974 (CCA 1974), specialist debt such as store card debt and distressed and insolvent debt. The type of debt will impact the detail of the sale documentation but the mechanics and risk of the sale are largely similar.
This Practice Note covers the basic structure of a commercial debt sale arrangement for consumer credit, the roles of
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Issue estoppel is a sub-species of the res judicata doctrine (see Practice Note: The doctrine of res judicata). In addition to the general key requirements for establishing a res judicata (see Practice Note: Key requirements to establish a res judicata), this Practice Note considers the specific
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
This Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of mistake on the contract and
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