The Belgian Council of Ministers has endorsed a new draft law amending the Law on Security Interests over Movable Assets, dated 11 July 2013. Most notably, the amendment postpones the entry into force of the 2013 Law by one additional year, until 1 January 2018 (or earlier if so determined by a Royal Decree).
This additional delay is intended to free up some time for the setting-up of the National Pledge Register (the “NPR”) and for general coordination with related legislation. By way of reminder, the reform on security interests over movable assets primarily aims at instituting non-dispossessory pledges through registration in the NPR.
Aside from postponing the 2013 Law, the new draft law makes the following changes:
- pledges can be created over movable assets after they have become “immovable by use”;
- pledges over receivables may no longer be recorded in the NPR;
- the NPR will be made accessible to everyone;
- the limitation period for request of a control a posteriori from the Court over the enforcement procedure drops from one year to one month.
The draft law has now been passed onto the Council of State and awaits its review until it can be next introduced in Parliament.