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Geoff Wynne

Geoffrey Wynne is head of the Trade & Export Finance Group and Sullivan's London office. He has extensive experience in banking and finance, specifically corporate and international finance, bank mergers, acquisitions, conversions and restructurings, trade and structured trade and commodity finance, structured finance, asset and project finance, syndicated lending, equipment leasing, workouts and financing restructuring, leveraged and management buy-outs and general commercial matters. Geoff is one of the leading trade finance lawyers and has advised extensively many of the major trade finance banks around the world on trade and commodity transactions in virtually every emerging market including CIS, Far East, India, Africa and Latin America. He has worked on many structured trade transactions covering such diverse commodities as oil, nickel, steel, tobacco, cocoa and coffee.

Recent Posts

EU Commission Proposes New Late Payment Regulation – Evolution or Revolution of the EU Late Payment Regime?

Posted by Geoff Wynne on Sep 27, 2023 2:51:38 PM

Written by Sam Fowler-Holmes, Matilda Johnson, Luna Owen, Geoff Wynne and Pedro Leake-Bandeira

On 12 September 2023, the European Commission proposed a new EU Regulation on combatting late payments in commercial transactions which will revise and replace EU Directive 2011/7/EU (the Late Payment Directive). The Commission says it aims to reduce the significant impact that late payments have on businesses and SMEs by addressing shortcomings in the Late Payment Directive.

The proposed EU Regulation will introduce stricter and more streamlined measures to prevent late payment practices, such as enforcement and redress measures the Commission says are designed to protect creditors from late payments and will seek to rectify asymmetries in the contractual bargaining power between large debtors and small creditors.

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July Webinar 2022 - The value and problems of using an IPU (Irrevocable/Independent Payment Undertaking) in Trade Receivables Transactions

Posted by Geoff Wynne on Aug 9, 2022 9:07:13 AM

At the latest Trade & Export Finance webinar, partner Geoffrey Wynne delved into the topic of Irrevocable/Independent Payment Undertaking commonly referred to as an IPU. An IPU is a payment obligation usually given by the buyer of goods and services to the Seller, and not by a third party (e.g. guarantor) and not given to a third party (e.g. a financer).

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Topics: IPU, BPU, ePU, Irrevocable/Independent Payment Undertaking

Sullivan, Deutsche Bank and ITFA Launch 3rd Edition of "A Guide to Receivables Finance"

Posted by Geoff Wynne on Oct 6, 2021 9:19:48 AM

Together with Deutsche Bank and the International Trade Finance Association (ITFA), I am delighted to announce the publication of the 3rd Edition of "A Guide to Receivables Finance."

In the six years since the publication of the second edition of the Guide, a great deal has happened in the world of receivables financing, not least in the areas of digitalisation, fintech and regulation. With the help of a number of industry experts, this third edition attempts to update the changes that have occurred in law and practice for all those who participate in receivables finance.

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Topics: Receivables Financing, digitisation

Corporate Insolvency and Governance Act 2020

Posted by Geoff Wynne on Aug 21, 2020 11:09:24 AM

Written by: Geoffrey Wynne, Alexandra Shipulina and Szonja Kolbenheyer (trainee solicitor)

The Act

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Topics: coronavirus, COVID-19, Corporate Insolvency and Governance Act

Can’t We Just Work This Out? Options Available in the UK to Help SMEs Stay Healthy During the Pandemic

Posted by Geoff Wynne on May 5, 2020 3:42:22 PM

Written by: Geoffrey Wynne and Ryan Johnson (trainee solicitor)

The emergence of COVID-19 (the Coronavirus) at the end of 2019 has had an unprecedented impact on the global economic system. This alert focuses on the effect the Coronavirus pandemic is likely to have on small and medium sized businesses (SMEs), their lenders in the UK and the options available to continue trading and avoid insolvency. It will also consider recent measures that have been proposed by the UK Government to enable businesses to avoid insolvency during this pandemic, specifically the temporary changes to the insolvency rules and the financial support being offered by the UK Government.

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Topics: coronavirus, COVID-19, Trade and Export Finance

The ICC Calls on Governments to Allow for Digital Authentication and Delivery of Trade Documents, in Light of the Covid-19-Induced Disruptions

Posted by Geoff Wynne on Apr 17, 2020 12:24:52 PM

By Geoff Wynne and trainee Szonja Kolbenheyer at Sullivan in London

On 6 April 2020, the International Chamber of Commerce (ICC) published an urgent memorandum addressed to governments and Central Banks, urging them to take the necessary steps towards the immediate transition from mandating the use of paper-based trade documentation to recognising digital authentication and delivery of documents as a legally binding and enforceable alternative.

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Topics: ICC, ICC Rules, International Chamber of Commerce, Trade and Export Finance

The ICC’s Response to Covid-19 in Relation to Force Majeure under its Rules

Posted by Geoff Wynne on Apr 14, 2020 10:37:44 AM

By Geoffrey Wynne and trainee Szonja Kolbenheyer at Sullivan in London

On 7 April 2020, the International Chamber of Commerce ("ICC") published a paper titled "Guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules."

This paper addressed the question as to whether banks and guarantors could seek to apply force majeure as a result of Covid-19, as a defence to non-performance. The key consideration is whether Covid-19 amounts to an interruption of their respective businesses or to an event beyond their control. This paper also considered the issues currently faced around the delivery of documents in trade finance transactions. The ICC looked at various scenarios relating to the delivery of documents under rules including UCP 600 and ISP 98 for letters of credit (‘LCs’) and URDG 758 for guarantees.

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Topics: Trade & Export Finance, Force majeure, COVID-19, ICC Rules

ITFA launches new Unfunded Master Risk Participation Agreement

Posted by Geoff Wynne on Sep 12, 2019 8:30:39 AM

Early in September ITFA launched its new Unfunded Master Risk Participation Agreement (MRPA) and associated user guidelines for use by its members. Later this month it has also arranged for Sullivan to issue a CRR compliant legal opinion.

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ITFA publishes revised guidelines on CRR-compliant insurance policies

Posted by Geoff Wynne on Jun 12, 2019 10:34:30 AM

This week ITFA published its revised guidelines on CRR-compliant insurance policies. The guidelines were first published in 2016 to assist banks with navigating the complex rules for credit risk mitigation that apply to non-payment insurance policies.

Sullivan's London insurance team is very pleased to have worked with ITFA to update the guidelines to reflect recent regulatory developments, including the Prudential Regulation Authority's policy statement on the use of certain types of credit risk mitigation (published in March of this year).

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Topics: ITFA, CRR, Credit risk mitigation

Iran Sues US Over Re-Imposition of Sanctions and EU Reactivates Blocking Regulation

Posted by Geoff Wynne on Oct 9, 2018 10:24:14 AM

By Fiona Luong and Geoff Wynne

On August 6, 2018 President Trump issued an executive order re-imposing certain sanctions that were lifted under the 2016 Joint Comprehensive Plan of Action ('JCPOA'). These include the prohibition of:

  • The purchase or acquisition of US dollar banknotes by the Iranian government;
  • Iran’s trade in gold or precious metals;
  • The sale, supply or transfer (whether direct or indirect) to or from Iran of materials such as graphite, raw or semifinished metals, including aluminium and steel, coal and software, or integrating industrial processes;
  • ‘Significant’ transactions involving the purchase or sale of Iranian rials, or maintenance of ‘significant’ funds or accounts outside Iran denominated in rials;
  • The purchase, subscription to or facilitation of the issuance of Iranian sovereign debt; and
  • Transactions within Iran’s automotive sector.
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Topics: European Union, International Court of Justice, US-Iran Relations, International Law, Economic Sanctions

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About the Blog


Talking Trade Finance is here to provide you with all of the latest updates in the Trade & Export Finance Industry.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

Meet the Editor


fowler-holmes-1

Sam Fowler-Holmes is a partner in the Trade & Export Finance Group in Sullivan’s London office. He specialises in structured and unstructured trade, commodity and export finance, advising both financial institution and corporate clients on a range of financing products including pre-export financing, prepayment financing, letter of credit and payment instrument facilities and working capital and borrowing base financings. Sam is a regular speaker at the Sullivan trade and export finance seminars and is a member of the ITFA Emerging Leaders Committee.

 

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