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Gary Collyer
Email gary@collyerconsulting.com or gcollyer@virginmedia.com
Telephone +44 (0)1268 680210
Mobile +44 (0)7960 236893

Mailing address:
65A Mayland Avenue
Canvey Island, Essex SS8 0BU United Kingdom

Recent News

ICC report “Reconceiving the Trade Finance Ecosystem” 18/11/2021

The ICC today released a new roadmap which has been published to reconceive global trade finance for a more sustainable and inclusive global economy To download the report, please click here...more

ICC issues a positioning paper for Standards for Sustainable Trade & Sustainable Trade Finance as a roadmap and vision for industry, policymakers and traders worldwide 10/11/2021

While a number of related standards for sustainable goods and services and financial products exist, none are readily adapted to robustly define and demarcate sustainable trade...more

Latest Question

Bank A (issuing bank) issued a documentary credit locally (local DC) in favour of bank B with expiry date as 31/05/2021 and same was amended to 31/08/2021. Bank B presented the documents with a covering letter dated 31/08/2021. But bank A could not trace the amendment issued by them (not filed) and rejected the documents quoting the discrepancy as DC expired. No argument was received from bank B and the documents were returned after 3 months due to non-payment by the applicant. Now, after 1 month from returning the documents, bank B is demanding payment based on the invalid discrepancy quoted by bank A. Bank A is rejecting the payment since the demand was not submitted within a reasonable time period where bank A has already closed its files in this regard. Can bank B still demand the payment?