CLLS has responded to the Law Commission consultation on abolishing Bills of Sale. It disagrees with most of the fundamental proposals in the Law Commission paper. Its detailed response and covering letter explains its views. In summary, CLLS considers that Bills of Sale should be abolished without replacement, except that consumer and unincorporated business demand for (1) loans secured on vehicles already owned, (2) loans secured on book debts (and possibly other assets) of unincorporated businesses should be met in some way. Also the Law Commission should consider whether there is any need for non-possessory security arrangements for high value assets and portfolios of security for high net worth individuals, or whether corporate structures can meet these needs. It says no system should encourage individuals to give in security low value and rapidly depreciating items. (Source: CLLS Responds on Bills of Sale)
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CLLS responds on Bills of Sale
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