Chris Jones Archive

Further extension of the Funding for Lending Scheme

The Funding for Lending Scheme (the “FLS”) was launched jointly by the Bank of England and HM Treasury in July 2012; its aim was to improve access to credit for a wide range of parties by providing an £80bn funding backstop and incentivising banks and building societies to boost their lending.

Customer contracts – unlocking financing potential

Invoice finance (invoice discounting or factoring) involves a financier advancing a certain amount of working capital funds against a company’s invoices. It is therefore essential for the financier to understand the make-up of the company’s trade debtors (and to some extent suppliers) and the terms on which the company contracts with them.

Simplified regime for the registration of charges

The new regime for the registration of UK company charges was implemented on 6 April 2013. The amendments, which introduced a single UK-wide scheme, are to be broadly welcomed: they have streamlined and simplified the old registration process as well as making it less costly by introducing online filing.

Loans to directors of private companies

Under the Companies Act 1985 (the “1985 Act”) all companies were prohibited from making loans to their own directors, directors of their holding companies or persons connected with such directors. Under the 2006 Act the general prohibition on making loans to directors was removed and all companies are now permitted to make loans to their own directors or to directors of their holding companies, provided that shareholder approval is obtained.
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