ALTIUS Banking & Finance law update
New Belgian law on security interests over movable goods – entry into force delayed
Professionals dealing with secured lending in Belgium have been looking forward for some time to the new Belgian law of 11 July 2013 on security interests over movable goods.
The Law of 11 July 2013 was published in the Belgian State Gazette on 2 August 2013 and it’s then date of entry into force, which could not be later than 1 December 2014, had to be determined by a Belgian Royal Decree (the “Royal Decree”). This particular procedure was used due to the creation of the brand new national pledge register (the “Pledge Register”). As the entry into force deadline approached, the Pledge Register had not yet been set-up. So the Belgian Parliament intervened to postpone the original entry into force deadline; the Law of 11 July 2013 will now enter into force at the latest on 1 January 2017. As a result, lenders and borrowers cannot yet benefit from the improvements introduced by the Law of 11 July 2013.
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