Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Receivables definition

What does Receivables mean? In practice, receivables are monetary sums due to a business from customers for goods or services supplied, typically evidenced by invoices (often called trade receivables or book debts). The term is descriptive rather than a single legal term of art, though it is defined for specific purposes in some legislation. In England and Wales and Northern Ireland, the Business Contract Terms (Assignment of Receivables) Regulations 2018 use a statutory definition when restricting contractual bans on assigning receivables. Key features: - They are monetary claims (present or future, accrued or contingent) arising under commercial contracts. - They are routinely assigned or sold (factoring, invoice...

Receivables Security: Assignments and Charges; Achieving Fixed Security, Anti-assignment Regulations, Notices to Debtors, Perfection, Priority and Enforcement

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Practice notes

In commercial Lending, Receivables are commonly pledged as security:

as part of an all-asset security package over the entirety of a company's assets (see Practice Note: Key features of debentures); and
in arrangements where a consistent flow of receivables represents a substantial element of the Borrower's asset base and the lender seeks oversight of that income stream (for example, where the borrower supplies goods and services to third parties)

This Practice Note outlines the principal issues that arise when taking security over receivables. For guidance on securing other categories of intangible assets, see the Practice Notes:

Taking security over insurance policies, and
Taking security over intellectual property rights

While this Practice Note concentrates on receivables, broader guidance on taking security over contractual rights is set out in Practice Note: Taking security over contractual rights. For material specific to receivables financings, see Practice Note: Invoice discounting and factoring.

Nature of receivables

In general terms, a receivable is a right to be paid money that can be enforced through legal proceedings. Receivables are an intangible asset classified as a ‘chose in action’...

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Web page updated on 21/05/2026

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