Enforcing standard security Scotland—voluntary surrender, court proceedings and insolvency processes
Produced in partnership with Alistair Drummond of DLA Piper
Enforcing standard security Scotland—voluntary surrender, court proceedings and insolvency processes

The following Property Disputes practice note Produced in partnership with Alistair Drummond of DLA Piper provides comprehensive and up to date legal information covering:

  • Enforcing standard security Scotland—voluntary surrender, court proceedings and insolvency processes
  • Enforcement procedures—steps following expiry of notices
  • Entering into possession
  • Voluntary surrender of property by owner to secured creditor
  • Court proceedings
  • Pre-action requirements where property falls in the residential properties regime
  • Raising court proceedings following the carrying out of the pre-action requirements
  • Court proceedings in respect of properties that do not fall into the residential properties regime
  • Sale by secured creditor
  • Distribution of sale proceeds
  • More...

Coronavirus (COVID-19): The Financial Conduct Authority (FCA) has published guidance for regulated firms and information for consumers which are valid until 31 October 2020. Firms should not commence or continue repossession proceedings against customers before 31 October 2020, given the unprecedented uncertainty and upheaval they face, and government advice on social distancing and self-isolation. This applies irrespective of the stage that repossession proceedings have reached and to any step taken in pursuit of repossession. Where a possession order has already been obtained, firms should refrain from enforcing it.

The guidance for regulated firms builds on Principle 6 (‘A firm must pay due regard to the interests of its customers and treat them fairly’), Principle 7 (‘A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading’) and MCOB 2.5A.1R (‘A firm must act honestly, fairly and professionally in accordance with the best interests of its customer’). It is potentially relevant to enforcement cases and the FCA may take it into account when considering whether it could reasonably have been understood or predicted at the time that the conduct in question fell below the standards required by Principle 6, Principle 7 and MCOB 2.5A.1R. A firm is likely to contravene these rules if it acts in a manner inconsistent

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