• Guide to Receivables Finance 3rd Edition

October 2021

Receivables finance comprises an arrangement when providing credit to a party, using an amount payable by one party to another for goods or services. Now in its 3rd edition, this essential multi-contributor Guide, published by Deutsche Bank with Sullivan & Worcester UK and the International Trade & Forfaiting Association provides a thorough update to earlier editions and demonstrates the remarkable resilience of the receivables finance structure

When the first Guide to Receivables Finance was published by ARK Publishing in May 2014 with its second edition appearing in October 2015, General Editor Geoffrey Wynne (Sullivan & Worcester UK LLP) always saw it as an ongoing service to the industry.

“Without a doubt, owing to Covid-19, the period from March 2020 to mid-2021 has been challenging for every sector and every business,” he says. “The need for the digitalisation of trade has been moved along a decade in perhaps one tenth of the time. Across the receivables finance world we have seen remarkable resilience. Coupled with the seemingly unending uncertainties around Brexit the changes to our industry have been myriad, and they are not finished yet by any stretch of the imagination.”

He continues, “As the editor of A Guide to Receivables Finance, it has been difficult to pick an appropriate time to finalise and publish the 3rd edition of this Guide, although, as contributors, we all knew it was long overdue.”

This 3rd edition is the culmination of a partnership between Deutsche Bank, law firm Sullivan & Worcester UK LLP and the International Trade & Forfaiting Association, with four of ITFA's current committee members contributing chapters. This latest edition retains the essential classic information of the previous two editions and provides a thorough update to reflect key changes over the past six years.

The information is structured into the following chapters:

1. An introduction to receivables finance (Geoffrey Wynne, Partner and Head of the Trade & Export Finance Group, Sullivan & Worcester UK LLP

2. Legal treatment of payment instruments (Geoffrey Wynne, Partner and Head of the Trade & Export Finance Group and Hannah Fearn, Managing Associate, Trade & Export Finance Group, Sullivan & Worcester UK LLP)

3. Legal and regulatory issues (Geoffrey Wynne, Partner and Head of the Trade & Export Finance Group, Sullivan & Worcester UK LLP)

4. The role of credit insurance in receivables financing (Hannah Fearn, Managing Associate, Trade & Export Finance Group, Sullivan & Worcester UK LLP)

5. Distribution techniques and issues (Paul Coles, Asset Distribution Lead, GTRF, HSBC Bank plc)

6. Surety – how insurance companies can issue guarantees and risk participations (Silja Calac, Head of Private Risk Mobilization, GTB, Continental Europe, Banco Santander)

7A. Trade receivables securitisations: Background to trade receivables securitisation (Adrian Katz, President, Finacity Corporation)

7B. Trade receivables securitisations: Trade finance synthetic securitisation (Jonathan Lonsdale, Head of Trade & Working Capital Solutions, Private Debt Mobilisation, Santander Corporate & Investment Banking)

8. Cross-border supply chain finance (Christian Hausherr, Chair of the Global Supply Chain Finance Forum and Product Manager Supply Chain Finance EMEA at Deutsche Bank)

9. Forfaiting (Sean Edwards, Chairman, International Trade & Forfaiting Association and Head of Legal, SMBC Bank International plc)

10. The involvement of fintech in receivables financing (André Casterman, Board Member, Tradeteq)

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