All articles by James Watters
Casebook: Judge sides with lessor over profit cap claim
Watson, Farley & Williams LLP acted for Lloyds Portfolio Leasing Ltd in relation to a claim by a lessee, under a finance lease of a ship, to be paid the additional tax benefit which accrued to the lessor on the termination of the lease
Casebook: Assignment without consent, part two – Rights of the assignee
Following last months article, we look at the position where consent to assign is not available but seller and buyer want to sell and buy equipment and lease, or receivables. The lessee might be concerned that they would overlook a notice of assignment or lose rights of set-off, but these are technical legal issues which may not be on everyones mind.
Under English law, an asset finance agreement is assignable without consent unless it states that it is not assignable or only assignable with the lessees consent. It would be unusual for any lease, especially in the middle or small ticket area, to be non-assignable but it is not unusual for big ticket leases and leases to local authorities, NHS trusts and similar bodies only to assignable with consent.
Assignment without consent: Barbados Trust Co Limited vs Bank of Zambia Under English law, an asset finance agreement is assignable without consent unless it states it is not assignable or only assignable with the lessees consent. It would be unusual for any lease, especially in the middle or small-ticket area, to be non-assignable but it is not unusual for big ticket leases and leases to local authorities, NHS trusts and similar bodies only to assignable with consent.
Ruling against Close in lead case over quality
The recently decided Lobster Group v Heidelberg and Close Asset Finance, deals with the classic leasing triangle Heidelberg sold a printing press to CAF which leased it to Lobster and the press turned out to be of unsatisfactory quality.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
The truth behind double financings
As the leasing industry is gripped by fraud, what light can be shed on the law behind multiple financings? Recent editions of Leasing Life have exposed a number of possible frauds in the leasing area Sometimes, these involve double funding of equipment
Waiting for the rent
Once a company goes into administration, a statutory moratorium will be imposed to allow the company some breathing space and assist in its rescue as a going concern.
Winds of Change
Winds of Change Residual value insurance is regarded as archaic The diversification of the leasing industry, along with the increased prevalence of operating leases, has led to the further development of residual value insurance products on the market