The increasing popularity of such offerings has highlighted a division in the legal profession between those who favour setting-up syndicated invoice finance with a lead financier while other lenders participate only on the basis of a sub-participation and those who prefer one lender to act as a security trustee holding all funded invoices in trust for all participating lenders.

The division has prompted ABFA (the Asset Based Finance Association) to set up a working party to produce styles of each type of facility (following the LMA standards as much as possible) together with explanatory memoranda and guidance. The results should be available in the early summer and assist in speeding up the completion process for these complex deals.