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Secured Transactions Law Reform Project (the Project) continues its work on the need and shape of the reform of the law security interests in personal property and title-based devices. It is driven by a thought that modern English law ought to be responsive to the needs of the commercial and financial community. This is of particular importance given the role of London as one of the world’s leading financial centres and of English law as one of the world’s leading systems of transactional law and enforcement of rights. Of equal significance is the growing number of jurisdictions, which are updating their secured transaction laws across the world. Click here for some recent developments.
Continuous engagement with practitioners and users of the law of all sectors is at the heart of the Project. This takes place through:
The Project’s working groups, whose members are drawn from legal practice, academia and financial industry, focus on issues of creation and perfection of security (Working Group A); priorities (Working Group B); enforcement and insolvency (Working Group C) and financial collateral (Working Group D). All working groups look at the current law through the prism of objectives that a modern secured transactions regime ought to fulfill, which have broadly been identified in the ‘Case for Reform’ document. Of particular interest has been the recent work of the first two groups.
Working Group A considered to what extent the current law measures up to, among others, the following key objectives:
The discussions, which commenced in Spring 2012, have led to identification of provisional recommendations in relation to three key areas:
Working Group B focused on issues of priority bearing in mind that:
The discussions of these objectives led Working Group B to discuss the following (among others):
Both Working Group A and B are currently finalizing their online consultation papers, which set out problems and inefficiencies and provisionally suggest ways to overcome these.
The views expressed by our Legal Analysis interviewees are not necessarily those of the proprietor.
First published on LexisPSL Banking & Finance. Click here for a free trial.
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