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 Law Commission CP 176 Getting into detail: rethinking quite a lot of concepts

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