NatLaw is pleased to announce that the United States government has ratified the United Nations Receivables Convention. Approved by the 115th U.S. Senate on January 2, 2019, the Convention became effective upon ratification on October 15, 2019. With the final deposit of the Convention at the U.N. Treaty Office, the U.S. becomes the second country to ratify this critical Convention, which has the potential to assist both developing and developed nations to make their laws more favorable to receivables financing, thereby enabling businesses to grow and create jobs. The Convention affects not only businesses that trade internationally, but also those that generate receivables in domestic transactions that may be assigned to foreign lenders. Three more countries are required to ratify the Convention before it enters into force.
NatLaw is particularly pleased to have played a crucial role in the ratification of the Receivables Convention. Mr. Bob Trojan, NatLaw’s Senior Advisor, led the coalition of trade associations that drove efforts to ratify the Convention. Please see our Press Release on the significance of this ratification for global commerce.