Launch of the National Pledge Register
- Mathieu Maniet - Leo Peeters
- Commercial Law
- national pledge register , pledge without dispossession , fee payable , Retention of title , movable securities , debtor
In previous articles published on our website, we had introduced the main innovations of the law
of 11 July 2013 on movable securities.
Those included the introduction of a pledge without dispossession under Belgian law and the creation of a Pledge Register.
The implementation of that law has been postponed to 1st January 2018 and is not entered into force earlier notably because of the time necessary to institute an operational National Pledge Register.
The 1st January 2018 deadline should however be observed further to the publication in the Official Gazette of 26 September of the Royal Decree of 14 September 2017 on the use of the National Pledge Register.
That Royal Decree determines the conditions of the register as well as the fees payable to consult and use the register.
Anyone who pays the required fee and identifies itself online, via an electronic Belgian ID-card
and in accordance with the requirements set by the register.
The user has to know that any abusive and commercial use of the data extracted from the Pledge Register constitutes an infringement of the Privacy Act of 8 December 1992 and may entail its personal liability for possible damage.
Needless to say that anyone can call on a lawyer to carry out the steps with the Pledge Register, whether concerning the registration, the modification, the renewal, the removal of the pledge or the consultation of the register.
The fees charged vary depending on the amount of liabilities secured by the pledgor or the sales
price of a movable property sold under retention of title.
The fees charged will consequently vary:
The fees charged for the consultation of the Pledge Register amount to EUR 5 per consultation, including the delivery of an electronically signed document in which is referenced either the negative result of the research, or a pledge or a retention title arrangement. It would cost EUR 5 per extra search result for which the delivery of an electronically signed document is requested. The consultation by the pledgor and the buyer under retention title is free for the registration concerning them in the Pledge Register.
That Royal Decree should finally allow the entering into force of the law of 11 July 2017 on
movable securities for the 1st January 2018 at the latest. The Royal Decree itself will enter into
force at the same time than the law. As a result, the Pledge Register will be operational on the
1st January 2018 at the latest.
The introduction of the pledge without dispossession responds to the legislator’s will to widen the credit sources. The Pledge Register will indeed offer a legal certainty and a greater transparency for the secured creditor without depriving the debtor of the use of its secured assets.