Major changes to how to grant and take effective fixed security over certain types of Scottish assets (including rental income, debt claims, insurance policies, material contracts, and other moveable assets (like stock, plant and machinery, vehicles and intellectual property and potentially shares)) – including future Scottish assets (not possible at the moment) – under the Moveable Transactions (Scotland) Act 2023 take effect on 1 April 2025. It will be possible to take new statutory pledges or assignation of claims over those Scottish assets from individuals and various types of entities (even if the owner of the assets is not Scottish), and those taking security should consider whether debt documents entered into before 1 April 2025 should include an “improved” further assurance provision, specific undertakings and/or a condition subsequent that these new (and in certain circumstances, better from a lender’s perspective) forms of Scottish security have to be provided when the new regime “goes live”. Please contact me (chris.mclauchlan@wbd-uk.com) if you’d like to discuss.