- Bills of sale—Law Commission proposes comprehensive reform
- Original news
- What are bills of sale and when are they typically used?
- According to the Law Commission, what is the problem with ‘logbook’ loans and where is the pressure for change coming from? What problems do they present in particular to borrowers, purchasers and lenders?
- Why are they unsuitable for consumers?
- What happens next? How likely is it that the government will implement the Commission’s proposals?
- Is there anything which lawyers should be doing now?
Commercial analysis: The Law Commission recently published its report recommending replacement of the bills of sale regime with a variety of ‘goods mortgages’ in what would be a sweeping reform of the law, likely to result in increased use of secured borrowing by private individuals and unincorporated businesses. Dorothy Livingston, consultant at Herbert Smith Freehills LLP, examines and assesses the proposal, which if implemented, could have both direct and social cost implications.
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