Bills of Sale Act Registration Summary

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Sales Finance Agreements ("SFA's") require registration at the Queen's Bench Division of the High Court as they involve an assignment of debt.

An SFA is generally entered between a finance company and another company or partnership who wishes to assign some of its debt.

The process to register an SFA is as follows:

  1. The SFA is prepared by the finance company ("F") and sent to the company or partnership selling the debt ("C")
  2. If C is a company, the SFA is signed by the director(s) in accordance with the C's Articles of Association / If C is a Partnership, the SFA is signed by the partners
  3. The signing must be witnessed by C's solicitor and an affidavit prepared confirming the signing:The affidavit MUST be dated the same day as the SFA, or all documents will need to be executed again
  4. Where F is a partnership, the affidavit must confirm the name and home address of ONE partner against whom the SFA will be registered at the High Court
  5. Where F is a company, the affidavit must confirm the company's registered address
  6. The SFA must be registered at the High Court within 7 days:An original copy of the SFA and affidavit should be taken to Court with Certified Copies
  7. The Court will usually keep the copies and provide you with a stamped original SFA confirming the registration

This is a relatively straightforward process, but the timescale is very tight between execution and registration.