Some operating rules concerning pledges of future claims in insolvency proceedings

The amendment to art. 90(1)(6) of the Insolvency Act 22/2003 (abbrev. LCON) by the Public Sector (Legal Regime) Act 40/2015 was welcomed almost enthusiastically by most market agents. It was felt that the inconsistent treatment bestowed on pledges of future claims (hereinafter, ‘PFC’) would finally be a thing of the past. I myself am not altogether convinced that this is the case, being able to envisage more than one way an insolvency judge, averse to this type of security interests, can dampen the aforementioned enthusiasm by way of a not overly absurd interpretation of the new provision.Nonetheless, such is not the subject matter of this briefing note, nor is it an interpretation of the scope of the text introduced by Act 40/2015. The following thoughts focus on the operational side of matters and are intended to be independent of whatever interpretation is given to art. 90(1)(6) LCON…