A Bill to make provision regarding the rights of secured debtors; to reform the rights of certain creditors to enforce their security; to make other provision regarding secured lending; and for connected purposes.
<p>The Bill would curtail the role of receivers with a view to encouraging banks to work with their customers to find solutions when repayment difficulties arise. It would remove the power of sale from receivers and would limit their role to receiving income from assets. </p><p>The Bill would also prevent banks from gaining a possession order until all counter-claims and disputes lodged by a borrower have been resolved by the courts. </p>