Belgium has adopted new legislation on the creation and
enforcement of security interests in moveable assets (the
"Act1). The Act significantly reforms and
modernises security interests in movable assets. After its entry
into force, Belgium will have much more flexible and
business-friendly rules, allowing it to attract more asset-based
lending.
Amongst the most important changes introduced by the Act are
(i) the possibility to perfect a pledge by filing, (ii)
simplification of the enforcement procedures, and (iii) the
possibility to create a pledge in the name of a security
trustee.
The Act will enter into force by 1 December 2014 at the
latest and is expected to have far-reaching consequences for both
existing and future financing transactions involving assets such as
receivables, equipment, inventory, intellectual property rights and
businesses located in Belgium.
