1. Secured Transaction law reform project
Professor Louise Gullifer

2. 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

3. 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

4. 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