This edition of our Banking E-Bulletin is being issued at a time when there are a wide variety of economic, legal and other developments affecting banks, asset based lenders, and their customers. Our own work reflects this and we are dealing with a wide variety of situations for, variously, lenders and borrowers.
Many of the developments are receiving widespread coverage in the press – for example the Government’s Enterprise Finance Guarantee Scheme which aims to help viable businesses with turnovers of up to £25 million to source funding and which can be accessed by them through our High Street banks.
Another example is the new Banking Act and its related regulations, which amongst other things makes improvements to the insolvency regime applicable to banks. Its provisions have been extended to building societies and these have now been used for the first time in relation to the Dunfermline Building Society.
Other developments take the form of legislation which will be implemented in the coming months, for example the remaining provisions of the Companies Act 2006 will be implemented on 1 October 2009 and the Payment Services Directive will be implemented by the Payment Services Regulations on 1 November 2009.
Finally there are consultations and proposals looking at areas such as consumer lending, which seem likely to result in new legislation in the foreseeable future.
Against this background this edition looks at some recent legislation dealing with dormant bank accounts; a case on waivers (which is important for those waiving breaches under facility letters and loan agreements); and the increasing use of pre-pack sales in administrations. I hope that you find them of interest.
If you have any comments of queries please do not hesitate to contact me.
Kind regards
Gwen Godfrey
Partner and Head of Banking and Finance Group
01293 605551
gwen.godfrey@dmhstallard.com
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The Dormant Bank and Building Society Accounts Act 2008 Communities To Benefit From Forgotten Millions Figures suggest that there may be as much as £20bn in bank and building society accounts in the UK that are lying dormant and unclaimed, often because people have forgotten about them. The...  |
Pre-pack Sales in Administrations - Best Value for Creditors? A “pre-packaged sale”, or “pre-pack”, is an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and effected shortly... |
Waivers and Preservation of Rights to Terminate In these difficult economic times, there are bound to be occasions when borrowers breach the terms of facility letters or loan agreements causing the occurrence of events of default. Under their terms, amongst other things, the banks may then be able to... |
International Bar Association Appoints Partner Gwen Godfrey as Co-Chair of the International Bar Association's Banking Committee DMH Stallard LLP is delighted to announce that Gwen Godfrey, Partner, has been appointed as Co-Chair of the International Bar Association’s Banking Committee. The International Bar Association (IBA), established in 1947, has a... |
