This volume contains the reports and discussions presented at the conference "The Future of Secured Credit in Europe" in Munich from July 12th to July 14th, 2007. It aims at taking the debate to a new stage by exploring the need and possible avenues for creating a European law of security interests. The first part examines – from an economic and a community law perspective – the case for European lawmaking on secured credit and the legislative approach to be taken. The intention in the second and third part is to look in more detail at the choices European lawmakers will have to make in devising a European law of secured credit. The second part focuses on secured transactions involving corporeal movables (tangibles), whereas the third part considers categories of collateral that may require special rules.

This book will be of great interest to practitioners, policymakers and academics, as well as students, particularly postgraduate students, of law and business throughout the world.

McCormack examines English law on Secured Credit, highlighting its weaknesses, and evaluating possible remedies. Contains the text of Article 9.

Winner of the 2016–2018 KG Idman Prize. This monograph seeks the optimal way to promote compatibility between systems of proprietary security rights in Europe, focusing on security rights over tangible movables and receivables. Based on comparative research, it proposes how best to tackle cross-border problems impeding trade and finance, notably uncertainty of enforceability and unexpected loss of security rights. It offers an extensive analysis of the academic literature of more recent years that has appeared in English, German, the Scandinavian languages and Finnish. The author organises the concrete means of promoting compatibility into a centralised substantive approach, a centralised conflicts-approach, a local conflicts-approach and a local substantive approach. The centralised approaches develop EU law, and the local approaches Member State laws. The substantive approaches unify or harmonise substantive law, while the conflicts approaches rely on private international law. The author proposes determining the optimal way to promote compatibility by objective-based division of labour between the four approaches. The objectives developed for that purpose are derived from the economic functions of security rights, the conditions for legal evolution and a transnational conception of justice. This book is an important contribution to the future of secured transactions law in Europe and more widely. It will be of interest to academics, policymakers and legal practitioners involved in this field.

Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that give holders different claims on the firm's assets. Recent scholarship in this area explores precisely how legal mechanisms affect corporate finance and the development of financial markets. The legal environment is crucially important in explaining the choices that companies make about their capital structure. This book combines company law, capital market regulation and commercial law to give readers a detailed understanding of the legal and regulatory issues relating to corporate financial transactions. Informed by insights from the theoretical and empirical work of financial economists, the book examines, from a legal perspective, key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation.

This work is inspired by the comparative study published in The Interaction of Contract Law and Tort and Property Law in Europe (ISBN 3 935808 20 8-Cloth-$79.00-2004). Out of a transnational (comparative and EU-oriented) perspective, the essays included discuss whether divergences of property law on contractual security rights in movables constitute an obstacle to the internal market and, if so, what solutions could be offered. Unification or harmonization of private international law cannot offer an adequate solution, while unification of domestic security laws could. However, the latter will take a very long time, partly due to the specific nature of property law. The contributing authors advocate the development of a European Security Right in Movables (ESRM) in addition to the respective contemporary national security rights. A real ESRM would clearly support free competition within the European Union. However, the development of an ESRM will take much time, in particular when dealing with the relation between that ESRM and domestic security rights in the member states. The reader will also find considerations on the contents of an ESRM and on the outlines of the required additional provisions.

This book focuses on international harmonisation and the law of secured transactions by distilling and analysing the unifying principles of various significant international conventions and instruments such as the UN Convention on the Assignment of Receivables, the Unidroit Convention on International Factoring, the EBRD Model Law on Secured Transactions, the Unidroit Convention on the International Interests in Mobile Equipment and the UNCITRAL Legislative Guide on Secured Transactions. International secured transactions conventions and instruments facilitate credit and promote economic activity through the creation of harmonised rules. Therefore, given the increasing globalisation of markets, international reform efforts for the harmonised modernisation of secured transactions law have gained pace over recent years. International Secured Transactions Law draws on experiences in both English and US laws in order to identify and illustrate the existing problems that need to be addressed, as well as identify potential solutions. International Secured Transactions Law will be of interest to scholars, students interested in international commercial law, corporate law or comparative secured transactions, and practitioners involved in international commercial transactions.