Evans v Finance-U-Limited — bills of sale and bankruptcy
The recent case of Evans v Finance-U-Limited confirms that the holder of security by way of a bill of sale can enforce its security in respect of lending regulated by the Consumer Credit Act 1974 (CCA) where the customer is declared bankrupt, provided that the requirements of the bill of sale have been complied with.
Mr and Mrs Evans bought a car with finance provided by Finance-U-Limited (FUL) under a loan agreement regulated by the CCA. They were jointly and severally liable. FUL could demand early repayment upon certain events happening. A bill of sale had also been entered into, giving FUL security over the car.
Mr Evans was made bankrupt. Mrs Evans continued to make payments. FUL was entitled to call in the loan and enforce its security. It did not do this but submitted a proof in Mr Evans’ bankruptcy. Mr Evans was discharged from bankruptcy. Mrs Evans was subsequently declared bankrupt…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
The High Court has determined preliminary issues in a professional negligence claim against a firm of conveyancing solicitors brought by a mortgage lender.
For employers who hold a sponsorship licence, getting it wrong could result in the revocation of that licence and a curtailment on their ability to recruit overseas workers.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.