New law on security over movable assets
A new law amending the Belgian Civil Code with respect to security over movable assets (the “Law”) was passed by parliament yesterday.
The Law brings fundamental changes to the legal regime applicable to security over movable assets. Accordingly, it will have a significant impact on financing transactions.
Please click here to read our note which covers the key features of the Law:
- Possibility to grant security over any movable asset
- Perfection through registration in the National Pledge Register (or dispossession)
- Simplified enforcement procedures
- Use of a representative (security agent)
- Codification of certain existing principles
- Impact on existing security
- Impact on new security
- Still to come and timeline
If you have any questions, please contact David Ballegeer (+32 2 501 95 93), Charles-Antoine Leunen (+32 2 501 91 20), Gilles Nejman (+32 2 501 91 40), Freya Mareels (+32 2 501 92 42) or your usual Linklaters contact.