Businesses, legal professionals and other interested parties are being invited to submit their views on the Scottish Government’s Moveable Transactions Bill, now before Holyrood.
The Parliament’s Delegated Powers & Law Reform Committee has launched a consultation on the bill, which would make it easier for businesses and individuals to raise finance using moveable property, like cars, machinery and intellectual property.
Following reforms proposed by the Scottish Law Commission, the bill would create two new registers, a register of assignations to record transfers of a right to be paid for goods or services, and a register of statutory pledges to enable moveable property to be used as security for a loan without having to be handed over to the lender – both areas in which Scots law is out of date and too restrictive for modern business practice.
Committee convener Stuart McMillan MSP commented: "The proposed changes to Scots law in this bill could have a profound impact on businesses and individuals across Scotland. We have already seen keen interest in the proposals from legal experts.
"Current Scots law around moveable transactions is widely seen to be outdated and restrictive.
"We would like to understand more about the positive or negative impacts this bill might have. I encourage any individual, business or professional body who may be impacted to share their views in our consultation."
Access the consultation here. The closing date is 6 September 2022.