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BOOK REVIEW

SECURITY RIGHTS AND THE EUROPEAN INSOLVENCY REGULATION

Edited by Gerard McCormack and Reinhard Bork

ISBN: 978 1 78068 317 1

INTERSENTIA LTD
Civil Justice Programme of the European Union

www.intersentia.com

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LEGAL RIGHTS OVER PROPERTY ACROSS A RANGE OF EUROPEAN UNION JURISDICTIONS –
AND THE UK TOO

An appreciation by Elizabeth Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”

Security rights? Legal rights over property, we would be inclined to say in common law jurisdictions, which this book does cover, as well as other legal systems across the European Union. These include the Germanic legal system (Austria and Germany)… the Roman legal system… (Spain, Italy and France)… and the central and eastern European systems of Hungary, Poland and Lithuania.

The book has arisen out of a research project funded by the European Commission under the Civil Justice Action programme, although the disclaimer by authors Gerard McCormack and Reinhard Bork indicates that it should not be taken to reflect the views of the Commission.

As the authors explain, security rights are essentially rights over property intended to secure payment of a debt or other obligation. Fundamentally important in the granting of credit, they are generally considered to increase the availability of credit and the lowering of its cost, while conferring other benefits to debtors and the overall economy.

UK lawyers will be particularly interested in Gerald McCormack’s report in the latter of the book’s two sections on security rights and insolvency in the common law system of England (as the legal traditions in Scotland and Northern Ireland differ slightly). Pointing out that ‘there is no universally recognized definition of security rights under the common law’, he goes on to describe ‘security’ in this context as generally signifying ‘a right over property to ensure the payment of money, or the performance of some other obligation,’ adding that ‘the property over which security is taken is referred to as ‘secured’ or ‘collaterised’.

Within this impressive volume of over 700 pages, a host of related issues are discussed in the context of insolvency proceedings affecting, for example, the debtor, amid suggestions for possible reform measures and an emphasis (not exclusive to this book) on the need for further European harmonisation.

Speaking of which, there is an initial note of lament on the matter of Brexit, which looms ever closer. It ‘may cast a long shadow,’ remark the authors, expressing the hope that ‘these events do not dim unduly the prospects for further European scientific research and cooperation.’

Confident that the current negotiations on Brexit will result in a positive, or at least a reasonable outcome, comparative lawyers and indeed any or all practitioners involved in property matters within the European Union will more than likely be interested in acquiring a copy of this information-rich and very useful new title from the Cambridge and Antwerp-based publishers Intersentia.

The publication date is cited at as at 2017.