Are you MTA Ready?
Today (1 April 2025) sees the biggest change to commercial law in Scotland in a generation, with the Moveable Transactions (Scotland) Act 2023 (MTA) coming into force.
From today:
two new online registers are established – the Register of Assignations (ROA) and the Register of Statutory Pledges (RSP);
a new form of fixed security is to be granted over Scottish moveable property, shares, and intellectual property (known as the Statutory Pledge) is created;
it will be possible to take fixed security over Scottish moveable assets without possession being given to the lender;
lenders can take fixed security over shares in Scottish companies without having to take title to the shares;
new collateral and funding opportunities are opened to sole traders or businesses whose primary assets are equipment or intellectual property focussed;
asset and invoice finance in Scotland becomes simpler and easier;
parties looking to assign rights can choose to perfect the assignation by registration in the ROA rather than intimation (notification);
borrowers will be able to grant fixed security and assign in security future assets and rights, without the need for time-consuming and expensive additional documents or notices; and
Scots commercial law moves into the 21st Century and in line with other countries worldwide.
Are you MTA Ready? Check our MTA Landing Page and our “Are you MTA Ready” guides for lenders, loan servicers/security agents, and insolvency practitioners to see if you are.