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- Title
The law applicable to proprietary effects of assignment and its interplay with insolvency.
- Authors
Heinze, Christian; Warmuthy, Cara Janine
- Abstract
Secured transactions that cross national borders often involve assignments of receivables. Lawyers dealing with these transactions face the question of which law is applicable to the proprietary effects of assignment. This problem takes on new dimensions when insolvency issues are relevant to the case as well. This article discusses the possible approaches governing the effectiveness of assignments against third parties. For this purpose, the authors investigate both the EU law and the recently adopted UNCITRAL Model Law on Secured Transactions, weighing the respective provision's advantages and disadvantages. The general considerations are each followed by case examples. After an outline of the regulations set by the EU Insolvency Regulation and their interplay with the proprietary effects of assignments, it is proposed that an alignment of the law applicable to the proprietary effects of the assignment with the law governing insolvency would provide the best solution. In any case, the authors argue, there should be some kind of legal regulation on the European level.
- Subjects
BANKRUPTCY; COLLATERAL security; UNITED Nations Commission on International Trade Law
- Publication
Uniform Law Review, 2017, Vol 22, Issue 4, p808
- ISSN
1124-3694
- Publication type
Article
- DOI
10.1093/ulr/unx039