The borrower did not itself fund the sums it advanced to the insurance brokers but entered into a facility agreement with a lender to fund these premium funding arrangements.
As security for the obligations owed by the borrower to the lender, the borrower entered into a debenture in favour of the lender pursuant to which it "assigns and agrees to assign absolutely in favour of [the lender] all of [the borrower's] rights, title, interest and benefit in "receivables" and it assigns and agrees to assign absolutely in favour of [the lender] all of [the borrower's] right, title, interest and benefit in each "relevant contract".
This part does not prohibit the assignment, by a creditor, of the right to bill and collect a consumer debt.
However, the assignee must give the debtor written notice of such assignment as soon as practical after the assignment is made, but at least 30 days before any action to collect the debt.
Contracting parties are free to exclude assignment in their agreement (art (2) of the Dutch Civil Code).
For example, a contracting party to a distribution agreement may wish to prevent the distributor from assigning the right to distribute to a third party: Neither Party may assign or transfer to a third party any right under this Agreement without the prior written consent of the other Party.( There shall be submitted in connection with a notice of assignment that is not accompanied by the original written assignment or a duplicate copy of the original assignment, a notarial certificate attached to a copy of the assignment certifying that the said copy is a true copy of the original assignment in respect of which the notice is being given.Where an assignment or a power of attorney was made by anyone other than a corporation or a partnership, notice of the assignment or power of attorney shall be accompanied by an affidavit of execution completed by the person who witnessed the signature of the person executing the assignment or power of attorney.The assignee is a real party in interest and may bring an action to collect a debt that has been assigned to the assignee and is in default.means a written authority executed in the presence of a witness, signed by a person to whom a specified debt is owing by the Crown, authorizing another person named therein to receive moneys due upon the debt and to give a valid receipt or discharge therefor.Once the debt has been validly assigned, B will be able to enforce payment of the debt and only payment to B will extinguish the debt.Under Dutch law, the general rule is that a chose in action (such as a claim) unless assignment is precluded by law or the nature of the right (art (1) of the Dutch Civil Code).There are two possible ways to “deliver” a contractual claim.Article (1) the Dutch Civil Code provides that a chose in action is delivered by means of a deed and subsequent notice to the debtor (or person against whom the right can be exercised).Under the terms of the debenture entered into in favour of the lender, the borrower undertook that all payments received by it pursuant to the arrangements it entered into with the insurance brokers were to be paid directly into a collection account and all other receivables were to be collected by the borrower in the ordinary course of trading as agent for the lender and upon receipt paid into the collection account.A customer of the borrower had given a legal charge over a commercial property as security to the borrower for amounts advanced under a premium credit funding arrangement.