Yesterday, on 26 September 2017, the Royal Decree implementing title XVII of Book III of the Belgian Civil Code on Belgian security rights on movables was published. The implementation of this title will change Belgian law on security rights drastially.
The Royal Decree was necessary to install the new national pledge register, and regulates (amongst others):
The identification/authentication of users of the register;
The manner of registration;
The consultation of the register;
On its turn, the installation of the new national pledge register was necessary for the entery into force of the "New Pledge Act" of 11 July 2013. This Act was amended a last time in December 2016. Its most important amendments were 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.
The entering into force of the Royal Decree is scheduled for 1 January 2018, the same date as the (scheduled) entering into force of the New Collateral Act of 11 July 2013 .
Recently, Partner Dirk Noels analyzed the impact of this Act for aviation financiers in Noels D. & Wouters M. "Pledge Act delayed : Bad news for aviation financiers", IHT 2015, 209-213 (link). Together with M. Wouters he concluded that since aircraft owners cannot fall back on adequate securities, the financing of aircraft will be more expensive in Belgium than in other EU member States. The Belgian legislator therfore urgently needs to create a safety net for aircraft financing and put the necessary regulations into place so that aviation trade can flourish without unnecessary hurdles.Without doubt, the entering into force of the New Pledge Act will be a first step forward.
For the entire text of the Royal Decree, follow this link
For the entire text of the New Collateral Act, follow this link.
If you want more information / advice on the New Pledge Act and/or the National Pledge Register, please contact firstname.lastname@example.org.