This article first appeared in Thomson Reuters Practical Law, Oct 2023
Key takeaways:
- security can be taken over e-money and e-money accounts
- e-money accounts cannot be blocked in the same way that traditional bank accounts can
- it is not possible to take security over an EMIs safeguarding account/s
- it is possible to take a floating charge over the proceeds of the e-money
- it is theoretically possibly to take a fixed charge over the proceeds of the e-money, but the requirements are untested
- “traditional” security documents and notices require some tailoring
