Moving on with moveable security in Scotland

United Kingdom

The long-awaited reform of the law on taking security over moveable property in Scotland is underway, following the passing of the Moveable Transactions (Scotland) Bill (the “Bill”) on 9 May 2023. The Bill is expected to come into force initially by the end of 2023 and into full effect (once the new registers are established) at some point in 2024. The Bill will be welcomed by lenders and borrowers alike for significant improvement of the area “where reform is longest overdue and most needed” (Scottish Law Commission). In this briefing we discuss the scope of the reform and the practical consequences.

Click here to read the briefing.