Norton Rose launches a software programme which claims to be able
to help them enforce lease contract terms in different legal
jurisdictions worldwide.
again. Ever more frequently lessors are facing increased pressure
from regulators, not least in the area of Basel II which stipulates
that lessors burdened by bad debt will face a consequential hit on
their risk weighting.
All this is particularly worrying as Basel II capital
measurement rules became fully operational in January this year –
around the time of growing liquidity shortages and consequential
bad debt and arrears. The need, therefore, for ways of reducing the
risk of bad debt and customers falling foul of their contractual
obligations have become ever greater.
Step forward Norton Rose’s Asset Finance Alerts programme which
claims to have as its ultimate aim that of helping lessors enforce
asset collateral in different legal jurisdictions around the world.
It does so by monitoring legal developments in more than 100
territorial jurisdictions affecting legal security instruments such
as leases, other forms of title retention and chattel mortgages.
Subscribers receive e-mails giving immediate notice of individual
changes, followed by monthly update bulletins.
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The jurisdictions covered are all those considered likely to be
relevant to large ticket leased assets in UK based portfolios. In
the USA it covers the state laws of New York and California, as
well those federal laws that are most relevant for corporate
insolvency. The many countries covered outside the OECD area range
from Angola to Vietnam. It has been specifically designed for
lessors with multinational business, or with portfolios of assets
that cross international borders continuously, such as ships and
aircraft.
Subscribers can get all of this for £8,500 per annum. Take-up of
the product is not likely to be huge, with Gray expecting around 20
companies to sign-up by the end of the year.
Gray explained: “The cost is limited by having all the data on a
single platform, but users can select the type of information they
receive to keep it relevant.”
Norton Rose is confident of being ahead of its field.
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By GlobalData“One or two other UK law firms have competing products, but none
with our ranges of asset types and jurisdictions,” Gray
claimed.
The firm is planning to expand the service to cover other type
of collateral. No time like the present to use software and
technology to solve the demands thrown upon leasing companies by
regulators – and solve a few bad debt problems in the process.
