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Security interests over moveable assets: more comfort for the pledgee in case of enforcement

The Belgian Act of 11th July 2013 on security interests over moveable assets (“Pledge Act”) entered into force on 1 January 2018. Since then, the perfection of a pledge on movable assets takes place by means of online registration in the national pledge register, without dispossession of the pledged assets being required. 

The Pledge Act has been amended per Act of 28 March 2019. The main goal of this amendment is to provide more comfort for the pledgee in case of enforcement:

  • the pledgee shall have the right to instruct a bailiff to attach the pledged assets without prior court consent being required, simultaneously with the notification that the pledgee must send to the pledgor 10 days (or 3 days, in case of perishable goods) prior to enforcement;
  • upon expiry of the aforementioned notice period, the pledgee may dispossess the pledgor of the pledged assets through the intervention of a bailiff, in the event that the pledgor has not  opposed enforcement by initiating court proceedings within the notice period.

The amendment to the Pledge Act is due to enter into force on the first of January 2020.

For further information, please do not hesitate to contact any of the KOAN Law Firm professionals listed below:

 Philip Peerens

 

Sébastien Elst

Partner

+32 2 566 90 00

Associate

[email protected]

www.koan.law

[email protected]