There would be both advantages and disadvantages in the transformation to an Article 9-type regime as far as current English law is concerned. This is a somewhat obvious point. In the previous chapter three advantages were identified as being firstly the end of compartmentalisation, or at least the beginning of the end of compartmentalisation; secondly, removal of complexities; and thirdly, simpler and more rationally based priority rules. To this could be added a fourth: the greater convenience and flexibility of notice filing over transaction filing. Two other factors might also be mentioned, i.e. clarification of the position of purchasers of charged property and also abolition of the floating charge, with the latter being seen as a possible source of confusion and obfuscation.

The Law Commission consultation paper on Registration of Security Interests highlighted the various deficiencies in English law and particularly emphasised the failings in the current registration of company charges regime. Nevertheless, there would be losers in a straightforward move to an Article 9 system. The Law Commission proposals were framed in such a way as to minimise the impact on groups such as preferential creditors that might otherwise be prejudicially affected by the changeover. The proposals, however, generate their own complications, in particular by the retention of the floating charge that does not feature under Article 9.