On the 24th November 2017, the Law Commission published their report on the Goods Mortgages Bill following a consultation, and has recommended replacing the Bills of Sale Acts. The Law Commission set out a number of proposals including the draft text of a the proposed Goods Mortgages Bill which can be found here.
Jacqueline Cook of Stephenson Harwood LLP and a member of Lexis®PSL Banking & Finance consulting editorial board, has written a practice note examining some of the key provisions of the proposed bill. Jacqueline Cook has kindly given the STR permission to post this practice note, which is available here.
Further updates on the progress of the proposed bill will be published on this blog and in the STR mailer.
STOP PRESS: On 14 May 2018, HM Treasury (HMT) published its findings after considering the responses it received to its consultation dated 22 September 2017 on the proposal to reform the Bills of Sale Acts.
HMT has announced, given the concerns that were raised in the consultation, the small and reducing market and wider work on high-cost credit, the government is not intending to introduce new legislation at this point in time.