Enforcing Security over Real Estate and Shares across Europe

We are delighted to present the CMS Guide to Enforcing Security over Real Estate and Shares across Europe. It is aimed primarily at investors in nonperforming loans that are secured against real estate but the points covered will apply equally to existing lenders and also to debtors.

This Guide considers the following in 24 different jurisdictions in Europe:

• a secured lender’s main options for enforcing security over the real estate interest;
• a secured lender’s main options for enforcing over shares in the owner of the real estate interest; and
• the typical costs and timing of each option.

This Guide assumes that:

• all security is valid;
• all security is granted by companies incorporated in the relevant jurisdiction (or if incorporated elsewhere, the company can be made subject to any local insolvency or other enforcement proceeding, whether as a result of its ‘centre of main interest’ or COMI being in the relevant jurisdiction or otherwise); and
• the debtor is in default under the applicable finance documents such that the security has become enforceable.

The information in this Guide is a summary and indicative only. It is not legal advice and is not to be relied upon for any investment decisions.