Welcome to the summer edition of our banking and finance bulletin.
With lockdown rules changing every week, quarantine requirements for holidaymakers and general confusion during the coronavirus pandemic, one thing remains constant – the quarterly Banking & Finance bulletin.
COVID-19 has had far-reaching implications, including (perhaps unsurprisingly) in the banking and finance industry. This edition touches on the new Coronavirus Large Business Interruption Loan Scheme and the FCA’s new guidance for motor finance firms in relation to customers who face financial difficulties due to the pandemic. We also discuss the Insolvency Service's insolvency statistics for the first half of 2020.
We also provide some updates entirely unrelated to COVID-19. It’s been a busy quarter for case law – including on the operation of liens, the need (or not!) to correct mistakes in registered security documents, and recovery under a collateral management agreement where the pledge security failed. Finally, we discuss the use of worked examples in finance (and other contractual) documents and the potential implications of doing so.
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Jonathan Porteous
Andrew Dodds
Matthew Padian