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Part VII Criticism and Law Reform Proposals, 23 Criticism and Reform Proposals

From: The Law of Security and Title-Based Financing (3rd Edition)

Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 19 April 2024

Guarantees and security

This chapter discusses how aspects of law governing security over personal property, and especially the registration requirements for company charges and for bills of sale and the rules of priority, have been criticized for many years. There has been a series of reports recommending reform; some of these have recommended amendments to the Companies Act and the rules of priority of charges registered under the Act. Meanwhile, others have proposed more radical reforms that would replace both the Companies Act and the Bills of Sale Acts with a ‘notice filing’ scheme based on Article 9 of the United States Uniform Commercial Code and subsequently adopted, with slight variations, in many Canadian provinces and New Zealand.

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