Now live - Moveable Transactions in Scotland – what it means for the built environment

Raising finance against moveable assets in Scotland is now simpler and quicker with the coming into force of the Moveable Transactions (Scotland) Act 2023 in April 2025.

Facilitated by the introduction of the new statutory registers administered by the Keeper of the Registers of Scotland, the Act provides for the modernisation of the assignation of claims and the creation of a new form of fixed security over certain moveable assets:

• Electronic intimation of assignation will be possible – meaning a more streamlined process for borrowers and lenders
• Registration of an assignation in the new Register of Assignations is an alternative perfection option to intimation – removing the requirement to intimate altogether, save for the assignation of future claims
• Yes, you read correctly, thanks to the new Register of Assignations the transfer of future claims in Scotland will be possible for the first time
• Borrowers will no longer require to deliver physical property to creditors in order to perfect a pledge – lenders can instead opt to take fixed security over physical property in the form of a statutory pledge, perfected by registration in the new Register of Statutory Pledges – borrowers with key high value assets can offer those up as security whilst retaining the assets for the operation of business
• Similar to the assignation reforms, the statutory pledge can cover future property.

The long-awaited reforms will see greater access to financing for businesses (and in certain circumstances individuals) with assets in Scotland and the new statutory pledge is set to be an attractive addition to security packages of lenders active in the Scottish markets alongside the usual floating charges and standard securities.

If you would like to discuss how these changes impact your business or you would like training on the Act, please get in touch with our Banking and Finance team.