1 April 2025 may be a date to be remembered in history for the Scottish banking sector and legal practitioners… The Moveable Transactions (Scotland) Act 2023 (the “Act”) is now in force launching the new regime and simplified process for granting security over most types of physical and incorporeal moveable assets. Our previous briefings (see Moveable Transaction Reforms), provide a useful explanation of the scope of the reform and the practical consequences but this short alert provides a quick snapshot.
We, at CMNO, have been preparing for this for some time, and we are looking forward to working with our lender and borrower clients in this new era, and participating in this transformation for the banking sector. Please get in contact.
