Moveable Transactions Bill - Consultation

Closes 6 Sep 2022

Opened 30 Jun 2022

Overview

Share your views on the Moveable Transactions (Scotland) Bill with the Delegated Powers and Law Reform Committee.

The Scottish Government introduced the Moveable Transactions (Scotland) Bill on 25 May 2022.

The Bill aims to change the law to make it easier for businesses and individuals to raise finance using moveable property. Moveable property can include things like cars, machinery and intellectual property. It would create two new registers to simplify the law.

  • ownership of debts and other obligations could be transferred by registering in the Register of Assignations rather than by giving notice (“intimation”) to the debtor.
  • physical moveable property and intellectual property could be used as security for loans by registering in the Register of Statutory Pledges. This would remove the need to transfer possession of the property to the creditor, as the current law requires.

Read more about the Bill

The Delegated Powers and Law Reform Committee are responsible for scrutinising the Bill in the Scottish Parliament. The Committee would like to know your views on the changes to the law that are proposed in this Bill.

You can share your views by completing this consultation.

Further information

In 2020 the Economy, Energy and Fair Work Committee scrutinised proposals to reform Moveable Transactions. Read about that Committee’s inquiry.

If you took part in that Committee’s scrutiny of the proposals, we are still keen to hear from you now to understand whether your views have changed now that a Bill has been published.

Questions

Please answer any of the questions that are of interest to you. You don’t need to answer all the questions.

Please note that we can only accept submissions via the online platform. If you require assistance to share your views via the platform for accessibility reasons, please contact the clerks.

1. Do you agree that the law covered by the Moveable Transactions Bill (raising finance on moveable property like cars, machinery or intellectual property) should be reformed?

2. Have difficulties raising finance on moveable property in Scotland affected you or your business? If so, what impact has this had for you?

3. Do you have any concerns about the proposed dual system for assignation of claims (for example, to repayment of a debt). This means it will be possible to assign claims either by intimation to the debtor (as at present) or by registration in the new Register of Assignations? This will provide flexibility, but will mean that the new Register will not be comprehensive.

4. Do you have any concerns about the interaction between the new security over moveable property – which will be created by registration in the Register of Statutory Pledges – and traditional pledge, which involves delivering moveable property to the creditor? Are there any circumstances in which businesses or individuals might wish to continue to use existing methods of raising finance over moveable property?

5. The Bill contains detailed provisions on how the registers will be set up and searched. Do you have any suggestions for improving the approach set out in the Bill?

6. The proposals in the Bill would apply to consumers as well as businesses. Do you think there are enough protections in place for consumers?

7. Do you have any other comments on the Bill or this area of policy?

How to submit your views

Please submit your views using the online submission form, linked to below.

We welcome written views in English, Gaelic, Scots or any other language. 

The call for views closes on Tuesday 6 September 2022.

Interim results

We're still accepting and reviewing responses, however we're keen to report back as we go. Read the responses that have come through already to see what people are saying.

Published responses

View submitted responses where consent has been given to publish the response.

Interests

  • DPLR