The reform of security interests over movable assets finally took effect on 1 January 2018. The original law dated 11 July 2013 (the “Law”) was meant to enter into force by late 2014 but experienced repetitive delays.
The Law recasts the current legal framework for creating, perfecting and enforcing security interests over movable assets, whether tangible or intangible. The Law’s main innovation, the introduction of a National Pledge Register (“NPR”), will enable certain securities to be created and perfected simply by registration, without duly dispossessing the pledged asset.
Pledgees will be obliged to register in the NPR any existing pledge over business assets within a 12-month transitional period, otherwise they will automatically lose their priority ranking and will have to re-register the pledge from scratch.
The NPR interface is user-friendly, plus it is accessible on a 24/7 basis, and is only for Belgian citizens with electronic ID. Foreign companies wishing to consult on, register, renew, modify or release any Belgian pledge can easily authorize our firm to use the NPR on their behalf.