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Three steps forward, two steps back: A view from corporate security practice of the Moveable Transactions (Scotland) Bill

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Original languageEnglish
Pages (from-to)266-273
Number of pages8
JournalEdinburgh Law Review
Volume22
Issue number2
DOIs
Publication statusPublished - 31 May 2018

Abstract

The Scottish Law Commission (the “SLC”) published a draft Moveable Transactions (Scotland) Bill on 13 July 2017. Following consultation, the SLC issued their Report on Moveable Transactions on 19 December 2017 which contained an updated Bill. This long awaited Report and Bill proposes to modernise the laws of assignations and of fixed security over moveable property. Scots law suffers from the perception that its security rules are not fit for purpose. Updating Scots security law to compete against other jurisdictions in this field should, amongst other things, help attract more capital to Scotland.

The Bill proposes general amendments to Scots moveable property law. For the Scottish security lawyer, this holistic approach to reform presents strengths and weaknesses. The purpose of this article is to review the Report and the Bill and highlight three steps forward that arise from the Bill. Despite being fundamentally welcome, the proposed changes provide two steps back for Scottish secured finance.

    Research areas

  • commercial law, moveable property, Assignation - Business Disposal - Trusts - Scots law

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