• Kegels & Co

Belgian Federal Parliament postpones coming into force of new "Pledge Act"

By enactment of November 7th 2016, the Belgian Federal Government proposed several modifications to the new Belgian "Pledge Act", which was scheduled to come into force on January 1st 2017.

Because the "Register for non-possessory pledges" is not yet operationable, the coming into force will be postponed with one year.

The Law on Pledges of 2013 (which was not in application yet) is also amended. The most important amendments are the following:

  • pledges can be created over movables even if they became “immovable by use” (amended art.12)

  • Retention of Title of the unpaid seller can be registered in the National Pledge Registry (amended art. 32)

  • Pledges over receivables may no longer be recorded in the National Pledge Registry (amended art. 15);

  • the National Pledge Registry will be accessible to all;

  • the time bar for a request to the Court to control post factum over the enforcement executed by the Pledge holder is reduced to one month.

For the entire text of the enactment, please click on this link.

If you want more information / advice on the new Belgian "Pledge Act", please contact info@kegels-co.be.