Bills of Sale Act Registration Summary
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:
- The SFA is prepared by the finance company ("F") and sent to the company or partnership selling the debt ("C")
- 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
- 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
- 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
- Where F is a company, the affidavit must confirm the company's registered address
- 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
- 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.