Jaanvi Lilapurwala
Jaanvi is an associate in the Fox Williams’ Financial Services team, specialising in banking and finance.
She advises on a variety of finance transactions including corporate debt, receivables funding, capital markets, structured finance and asset-based lending.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2024
Membership
- Law Society of England and Wales
Qualifications
- LPC, LLM (2022)
- LL.B (2020)
Education
- BPP Law School (2022)
- University of York (2020)
4 Contributions by Jaanvi Lilapurwala
PRACTICE NOTES
Bills of exchange: parties, types, acceptance and presentment, transfer and holders, dishonour and discharge under the Bills of Exchange Act 1882 and Electronic Trade Documents Act 2023
Bills of exchange
Also known as ‘drafts’, bills of exchange are negotiable instruments that evidence an unconditional undertaking by one party (the drawer) to pay money to another (the drawee) in line with the terms contained in the instrument. They are commonly deployed in trade finance where, for one reason or another, a party prefers not to settle its account straight away.
The Bills of Exchange Act 1882 (BEA 1882) sets out in detail the formal requirements governing the form of a bill of exchange and, accordingly, should be referred to before any detailed consideration of a bill. BEA 1882 provides that a bill of exchange is: ‘…an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.’
For more information, see Practice Note: Form of bills of exchange and promissory notes...
Banking & Finance
PRACTICE NOTES
Enforcing finance guarantees: conditional and pure guarantees, demands, co-guarantors, syndication, individual guarantors, insolvency and moratoria
This Practice Note reviews the principal considerations around enforcing guarantees in a financing transaction, namely where a lender (most often a bank) has extended a loan to a corporate borrower that is supported by a guarantee from another group company of the borrower (eg the borrower’s parent company or one of its subsidiaries). It addresses the following questions:
what claim does a lender have against a guarantor?
by what means can a lender enforce a guarantee?
how is enforcement approached where there are multiple guarantors?
are there particular points to consider in syndicated transactions?
are there any distinct considerations for guarantees given by individuals?
The law regulating guarantees is complex and at times inconsistent; accordingly, this Practice Note is intended as a springboard for more detailed analysis.
What is the nature of claim that a lender has against a guarantor?
To determine the nature of the claim a lender has against a guarantor, it is necessary to look at the form of the guarantee provisions contained in the relevant guarantee. Guarantees...
Banking & Finance
PRACTICE NOTES
Form, content and amendment of bills of exchange and promissory notes, including electronic equivalents, under the Bills of Exchange Act 1882 and the Electronic Trade Documents Act 2023
A bill of exchange is a financial instrument used to move funds from one party to another without transferring the physical money. A promissory note is commonly employed in comparable trade finance contexts, but the key distinction is that a bill of exchange constitutes an order to pay (typically the drawer instructing the drawee to pay the payee), whereas a promissory note embodies a promise to pay (the maker promising payment to the payee). Bills of exchange and promissory notes are regulated by the Bills of Exchange Act 1882 (BEA 1882). This Practice Note examines the form these instruments must take under the BEA 1882 and otherwise. Historically, bills of exchange and promissory notes existed only as paper documents. Since the Electronic Trade Documents Act 2023 (ETDA 2023) took effect, however, electronic bills of exchange and promissory notes issued on or after 20 September 2023 that satisfy the ETDA 2023 provisions receive the same legal treatment as their paper versions. Accordingly, compliant electronic bills and notes issued from 20 September 2023 onward enjoy parity with paper instruments under the ETDA 2023 framework expressly specified above. For further details, see Practice Note: Electronic Trade Documents Act 2023 and its impact on...
Banking & Finance
PRACTICE NOTES
Promissory notes—definition, parties, transaction stages, limitation and transfer (including electronic notes) under the Bills of Exchange Act 1882
Promissory note
A promissory note is commonly deployed in trade finance in much the same way as a bill of exchange (see Practice Note: Introductory guide to unstructured trade finance), but the key distinction is that a bill of exchange constitutes an instruction to pay (typically the drawer directing the drawee to pay the payee), whereas a promissory note is an undertaking to pay (the maker of the note undertaking to pay the payee). For further detail on bills of exchange, see Practice Note: Bills of exchange—structure and parties. Both instruments are governed by the detailed provisions of the Bills of Exchange Act 1882 (BEA 1882). When construing and interpreting the BEA 1882 as it relates to promissory notes, Part II, in particular, must be taken into account, as it sets out specific modifications and exceptions that also apply mutatis mutandis to the rules governing bills of exchange. Under BEA 1882, s 83(1), a promissory note means an unconditional written undertaking by one person to another, signed by the maker, to pay, on demand or at a fixed or determinable future time, a sum certain in money, to a specified person, to that person’s order, or to bearer. For more...
Banking & Finance
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