Chapter 12: How May International Standards Assist the Law Reform in England?
Availability of Credit and Secured Transactions in a Time of Crisis, Orkun Akseli (ed), Cambridge University Press, 2012
Posted: 11 Jul 2012
Date Written: January 11, 2012
It is no longer a matter of debate that the current law of England as it relates to security over personal property is cumbersome, confusing and difficult to maneuver. Yet, previous reform efforts have failed in England, and current reform efforts are still too new to have major impacts upon the confusing system. Consequently, England stands in a somewhat precarious position, a financial leader with a confusing secured transactions regime. Meanwhile, harmonization efforts in other domestic and regional systems are pushing ahead, oftentimes reforming through the use of a set of international secured transactions standards. England’s rejection of the reform efforts may seem daft, but the rejection is most likely a signal of the next big issue for the supporters of secured transactions reform: What is to be done when a robust finance system fails to match other major players in the field? In terms of the English reform efforts, one has to ask: what is the next step for England in terms of its law of security over personal property?
This chapter seeks to engage the reader in both of these debates. First, the chapter will explore the existence of international standards of secured transactions. Second the chapter will briefly identify the key areas of divergence between the identified international standards and the law as it currently exists in England. Third the chapter will briefly describe the prior English reform efforts as well as discussing the current reform efforts. Fourth, the chapter will consider the problems in terms of international harmonization and then will explore in limited detail the problems specific to England. And finally, the chapter will consider the long term solutions for both of these systems.
Keywords: secured transactions, international law, harmonization, UNCITRAL, England
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