Following months of consultation, the Department for Business Innovations & Skills has agreed to quash the bar on the assignment of invoices in commercial contracts.
We provide risk, restructuring and turnaround advice and will work with you to identify and formulate turnaround or exit strategies in respect of distressed clients. In formal insolvency procedures we will work with you and the appointed Insolvency Practitioner to maximise recovery.
Warning for Invoice Finance Providers – The Importance of Checking Dispute Resolution Clauses in underlying contracts
The Courts have issued a further warning that when reviewing fundamental contracts you should always check and consider the dispute resolution clauses as these can delay and increase the costs of recovering debts.
As you will be aware on 6 December 2014 the Department for Business & Innovation Skills (‘BIS’) published a consultation and draft regulations on the proposal to nullify the ban on contractual clauses that prevent invoice assignments.
It has been reported that the Chancellor is considering forcing banks to refer SME’s to alternative funders if they are unable to fund them.
There has been a lot of recent press coverage of SMEs ("SME" stands for small and medium-sized enterprises) not getting the TLC that they need and deserve.
As featured in BQ Magazine (Summer 2013)....