The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The term receivables is often used to refer to book debts, although strictly speaking book debts is a narrower term because it refers to 'debts accruing in the ordinary course of... trade as are usually entered in the trade-books' of a company. A receivable has a wider meaning than ‘book debt’ and would include:
the right to receive a payment under a loan agreement
rights to payments under contracts; and
rights to refunds of tax
All other liquidated monetary claims of the security provider would be encompassed by the term ‘receivable’.
Often much of the value comprising a security package is to be found in the receivables due to the security provider. How best to realise the value in the receivables will form a key part of any enforcement strategy.
Collection by any receiver or administrator appointed is a common option.
Where there is a large portfolio of debts that may take considerable time to collect specialised collection agents may be used by the security holder or its delegate. A less common option is for the portfolio of receivables to be sold to a third party. The practical aspects of collection and sale are dealt with below.
This Practice Note discusses:
enforcement options for security holders who want to enforce security over receivables
some general issues potentially giving rise to problems for the security holder such as
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This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
The offence of causing grievous bodily harm with intentWounding or causing grievous bodily harm (GBH) with intent is triable only in the Crown Court on indictment. Elements of the offence Under the Offences against the Person Act 1861 (OATPA 1861), the prosecution must prove the defendant unlawfully
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Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
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