Moveable Transactions (Scotland) Act 2023

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The Moveable Transactions (Scotland) Act 2023 comes into force on 1 April 2025. It will bring transformational change to the law of assignation of claims (typically rights to be paid money, including rent) and the taking of security over moveable property, such as equipment, vehicles and intellectual property rights. 

Under the new regime there will be a choice to complete the assignation of a claim: (i) by intimation to the debtor, but with modernised rules enabling this to be done electronically; or (ii) by registration in the new Register of Assignations. 

A new security known as a “statutory pledge” will become available to businesses, allowing fixed security to be taken (i) over corporeal moveable property without delivery to the creditor and (ii) over incorporeal moveable property without transferring title to the creditor. Instead, the security will require registration in the new Register of Statutory Pledges. Both new registers will be run by Registers of Scotland. 

This seminar will be of particular interest to those advising lenders and businesses who are seeking to access finance as well as to insolvency practitioners, but the 2023 Act is new core property law legislation which lawyers generally need to know about.

Speakers

The speakers are Professor Andrew Steven of the University of Edinburgh, Dr Hamish Patrick of Shepherd and Wedderburn, and Bruce Wood, formerly of Morton Fraser. All three were heavily involved with the Scottish Law Commission work which was the basis of the 2023 Act.

Learning outcomes and objectives 

The learning outcomes and objectives are that by the end of the seminar delegates will have (i) a sound knowledge and understanding of the Moveable Transactions (Scotland) Act 2023; (ii) an appreciation of how the legislation could or should influence their clients and practice; and (iii) an indispensable set of source materials for easy reference following the seminar.