Secured Transaction Law Reform Project Overview
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Professor Louise Gullifer
SECURED TRANSACTION
LAW REFORM PROJECT
Crowther report
1971
Cork report
1982
Halliday report
1986
Diamond Report
1989
Company Law Review Steering Group
, 2001,
Law Commission
CP 164 (2002), CP 176 (2004) Report 296
(2005)
Limited reforms to registration regime 2013
Secured Transactions Law Reform Project founded by
Professor Sir Roy Goode.
Work in progress assessing both the need for reform and what
form reform should take
Why reform?
Modernisation of law
Law should be clear and easily understood by users and
counterparties around the world
Complexities and inefficiencies of present law
HISTORY AND PURPOSE
Creation (aspects) and attachment
Notice filing (registration in advance)
Perfection
registration, also possession, control of financial collateral
Priority vs other security interests, other purchasers
First to file
PMSI
Rights and duties before default
Remedies on default
Not only traditional securities
Quasi-securities
RoT devices
Deemed SIs
Outright sales of trade receivables
Operating leases, commercial consignments
STARTING POINT : PPSA SCHEME
Steering Group chaired by Lord Saville
Executive Committee
Working Groups
Registration
Priorities
Insolvency
Financial Collateral
Conferences and seminars
Reform in different jurisdictions
Specific areas of English law
STRUCTURE OF PROJECT
This overview explores the history, purpose, starting point, and structure of the Secured Transaction Law Reform Project led by Professor Louise Gullifer. It delves into the need for modernization, complexities of current laws, and various reports that have influenced the project. The focus is on creating a clearer and easily understood legal framework for secured transactions. The project's structure includes a Steering Group, Executive Committee, Working Groups, and activities in different legal areas.
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Presentation Transcript
SECURED TRANSACTION LAW REFORM PROJECT Professor Louise Gullifer
HISTORY AND PURPOSE Crowther report 1971 Cork report 1982 Halliday report 1986 Diamond Report 1989 Company Law Review Steering Group, 2001, Law Commission CP 164 (2002), CP 176 (2004) Report 296 (2005) Limited reforms to registration regime 2013 Secured Transactions Law Reform Project founded by Professor Sir Roy Goode. Work in progress assessing both the need for reform and what form reform should take Why reform? Modernisation of law Law should be clear and easily understood by users and counterparties around the world Complexities and inefficiencies of present law
STARTING POINT : PPSA SCHEME Creation (aspects) and attachment Notice filing (registration in advance) Perfection registration, also possession, control of financial collateral Priority vs other security interests, other purchasers First to file PMSI Rights and duties before default Remedies on default Not only traditional securities Quasi-securities RoT devices Deemed SIs Outright sales of trade receivables Operating leases, commercial consignments
STRUCTURE OF PROJECT Steering Group chaired by Lord Saville Executive Committee Working Groups Registration Priorities Insolvency Financial Collateral Conferences and seminars Reform in different jurisdictions Specific areas of English law
