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  • Le Rapport de La Commission D'enquête Sur Le Sale by Levy

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    Le rapport de la commission d'enquête sur le Sale by Levy

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    Le rapport de la commission d'enquête sur le Sale by Levy

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    Le Rapport de La Commission D'enquête Sur Le Sale by Levy

    Transféré par

    L'express Maurice
    Le rapport de la commission d'enquête sur le Sale by Levy

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    © All Rights Reserved
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    COMMISSION OF INQUIRY ON PROCESSES/PRACTICES FOR GRANTING OF LOANS SECURED ON IMMOVABLE PROPERTY AND SALE BY LEVY: REPORT 19 August 2014 bs contents Aelmewledgments Isteoduction Proceedings ofthe Commission... 3-Term of referent (a). 3. Granting oflozns—. 3.2 Onaga 3.3 Standard loan agreements and charge documents. 134 Repayment capacity of BorrosPeE nnn 5.5 Proportionalgy of guarantee io credit factity 3.6 Velustion of property a att 3.7 The role of the ci law notary nu 45 58 Notarial fess v/sbank fez 2 29 information relating te outstanding debt a 45.20 Discharge of information guarantors 341 anatocisme 5.12 Moneylenders 3.13 The Commission forthe Protection of Borrower 4 Term of Reference (6) -——.—. 444 Currant legislation... 42 Commission of nquiry 2006 £3 Legal Aid and Assistance. 444 Complaints against Attorneys nu he Masters Court. 45 The proceedings befor 46 The Land Fraud Squad... 447 Best International practices « saie-ven 4.8 Proposal for amendments in the Nev Code de Procédure Civile mmabitere §-Term of Reference (3 5 Information so borrowers and gusrantors 52 Drawing up of authentic deed am 153 The loan agreement snd charge CocuMent weer 54 «Déla de réflexion » and «dal do rétractatlon '55 information on outstanding debs. 5.6 The family residence/ «logement fail 157 Measures to counters overindebted 255. 58 independent valuation — ‘59 The alternative tothe system of Saleby ev == S540 Legal Ald and ASS en 5.11 National Solidarity Fund - Provision af nancial assistance enw 582 The Protection of borroWFS. wn 513 « ation en paiement « Gxgetmmobillr/pacte commissL78 9m Annex Persons who applied and deposed before the Commis mmm Annex 8: Persons and Inetntons coavened bythe Commission “Annex C: Statistics (or years 2007-5 June 2023 Commission for the Protection of Borrowers. ot Annex D: Statistics Registrar General's Office. EE “annex B Statistics of levy cases fom 2007 to 2023 a the Supreme COU wmnnnnennm 6S annex F: Déeret francais a* 2006-936 du 27 juillet 2006 relat aux procédures de salste Jnmabltre et de distribution dupe un fmmeUbl@ ernment 6 Annex G Code de procédure civil dt Qube nnn 92 “annex #1: Acte Uniforme de TOHADA du 10 avel 1998 portant organisation des procédures ‘npliées de recourrement et des oies df xEc3th01 a pmnrenennnn OT “annex: Now Titre Huitiéme to be added tothe Livre Quatritme of the new Code de Procédure Gil Stes eee ag ‘annex : French Cod de la Consommation on “Endettement nner BAG ‘Statisties for Financial years 2007/2008 and Assistance under the sale by levy eee e242 ponex K Sola ten Acknowledgments We would like to express our spectal appreciation to the Secretary of the Commission, Mrs J. Sooben, and the publi officers who assisted the Commission, We also deeply appreciate the contribution of all who deposed before the ‘Commission and who provided us with che information required . Introduction (On the 21* of May 2012 a Commission oft nquiry was sat up with the folowing terms of reference: (@) inquire and repore on wheter the processes and practices invalved in the granting of loans, secured on inmmovable property, are unfair or otherwise Jetrimental to borrowers: (@) inquire and report on the feirness ofthe current system of sale by levy and ‘on whether the system gives rise or has given rise'to any malpractice or wrongdoing resulting tn undue hardship or prejudice to debtors, such Inquiry being extended, where necessary, to matters and wssues already dealt with by the previous Commission of Inquiry on the system of sale by levy, chaired by Sir Victor Glover, GOSK, in 2004; and (©) recommend such scheme as may be necessary to alleviate any undue hardship or prejudice which debtors or former debtors are experiencing. Proceedings of the Commission ‘The Commission caused a communiqué to be published inthe press inv of the public,» Maurits and n Rodrigues to provide information orto appear be Se! the Commission to give otal evidencs We received hundred and sixty-nine applications to depose from members ofthe pubic the Attorneys, inclusive of one Barrister (Annex A), The Commission also wrote to Notaries and Financial instutions whose /witich aames had been mentioned during depositions of members of the public, asking them to enlighten the Commission 03 certain specific matters (Annex B). ‘The Commission held forty-one sittings from the 25% of June 2032 to the Attorneys, Notaries, the Prestien: of = February 2013 hearing members of the public, Law Society, representatives of Banks and Insurance companies, National Solidarity Fund, the representative of the Land Fraud Squaé, and the Chairpersox of ba Brecutive Oficer ofthe Mauritius Bankers’ Association ‘The Commission also requested and received information and documents fice of the Master and Registrar, the Registrar General and the ida visit to the Master and Registrar, on & Companies. The Commission pai February 2013 and attended a session at the Master's Court on the samme day. ‘The Commission did nét receive any Interest from Rodrigues. ek “The Commissioner forthe Protection of Borrowers was summoned, butdid not appear before the Commission. We have also perused the Parliamentary Questions and Private Notice Questions om the subject matters investigated by the Commission for the period June 2004 to june 2022, ‘as well as varlous publications issued by the Bank of Meurittus and other authorities institutions. ‘The Commission has exathined, during its various meetings, the problem areas under ive perspective in oréer to identify investigation from an international and comp: bese international practices, which can be a source of inspiration for reform of those aspects of our laws, which are currently inadequate 3, Term of reference (a) to inquire and report on whether the processes: sna practices Involved In the granting of loans, secured on immovable property, are tnfar or otherwise detrimental to borrowers 3.4 Granting of loans: ‘The Commission has besn set up to reveal any abuse existing within the mannicr of ranting of loans secured on immovable property and to propose solutions. Ws sve perused the evidence before us, inchsive of dacuments produced by menbers of ce pubic, financial institutions the judiciary, the police department, members ofthe legal profession and other authorities/insttutions. ‘The evidence before us is revealing n the sense thatthe incapacity of some dices i repay their debts to financial Insitutions forms part of a more extensive probiar of personal and small business indebtedness/over indebtedness: We believe cist {s need for the protection of borrowers in relation tothe granting of loans secur immovable properties, nd that this might help to a certain measure, to rd mentioned indebtedness/aver indebtedness. Articles 1874 to 1914 ofthe Code Civil Maurilen govern the « contrat de prét@ usiae/ de consommation » whilst The Borrower Protection Act 2007 (Act 2 of 2007) cates © «credit agreement between a lending institution and 2 client! ‘Sct oof the Bors Protection Set 2007 provides that"Norwthscanding any che enact: shalapply every crt agrement for sum sot exceeding te mount specie’ In he Fs: der he Fist Schedule specied tho the macam rom under dhe erect seremene © ‘The granting of loans Is financial operation, a meeting of figures and law, figures since the financing of aloan implies monetary resources, which has 2 cost, and law, since the disbursement of money is always based on a contract between 2 financial institution, the lender, anda cient, the borrower, ‘The granting of loans secured on immovable property Is governed by the provisions of the Code Civil Mauricien on «suretés réelles immobiligres> (hypothéqu, sureot fixe, antichréce), Banks have been conferred by the Tlire Dixhuitiéme, Chapire Deweiéme, Section Premier, a special privilege, which enables them to recover sums due, The Bank of Mauritius has over the years issued Banking Regulations and Rules, as well as ‘guidelines (such as the September 2013 Guidelines on Disclosure of In‘ormation to Guarantors) and The Mauritiss Bankers’ Association bas issued a Code cf Ethles and Banking Practice, as wells a Guide for Guarantors, 3.2 charg: ‘The purpose of the «suretéréelle immobiliére» is to guarantee the reimbursement of foans in case of default of the debtor, but in Mauritius the Introduction cf fixed and ‘ating charges ~Code Civil Tre Diviéme, Des stretésfxes ou flottantes, Arties 2202 et 2g, has created an odd situation: even though the banker is nota public officer, itis he ‘who issues the “titre exéeutire’, and who holds the right to sanction, which s normally held by the State. Article 2202-7 of the Code Civil Mauricien provides that ee titre consticuane une sireté fixe ou floctance aura le méme effet qu'un acte quthentique et sera dtrectement exseutoire. + : ee Fied and floating charges have not brought about more transparency in credit ‘aciities, but may have led to more abuse by nancial institutions. fis to benoted that Itisthe financial institutions that draw the contracts and register them. The stuation is ferent in cases of mortgages where the intervention of a notary is required © give Impartial advice to the ‘weaker’ party, n line with the principles of the Mauricien 3.3 Standard loan agreements and charge documents We have observed on the basis of evidence before us that the main compiint members ofthe publi, also cient ofthe various financial institutions. is the lack of understanding of the tenor ofthe Ioan agreements/charge documents they se than one person has said that the loan agreement/charge document was not te him, or not explained in clear terms, so that upon signing they di not picture of thelr Hablity to the bank. We have also ‘understood that repres some banks consider that the letter of offer gives the borrower time to consiser the terms and conditions ofthe loan, Sil the Jetzr of offer is only a summary of 2 te2 and conditions ofthe loan being offered, and would not really help im understandiug the liabilities of the borrower. (With te introduction of The Borrower Protection Act 2007, there Is now an oligation ‘onthe lender to ensure that the cient understands the language and tenor of is crait agreement’ 7 Secon 6() of The Borrower Proteston Act provides that "Morwthstending any ote ens leader sh before granting creat ity ta eny person = (2): () case the eect tet te peton and tothe gusreaor, ft, () scorn whether the person and the guaran, derstand suffice the langage i bis se creat agreement avn ap: () where he 3 However, we fear thatthe station has not evolved since 2004, and even since 2007. perusal of a standard loan agreement ~ copies of which have been provided to us by financial institutions ~ reveals thatthe wording has not changed and that itis not easily accessible to the member ofthe public. We bear in mind that the Commission of Inquiry set up in 2004 and chaired by Sir Victor Glover, mentioned the “archaic and sometimes incomprehensible wording” ofthe said documents. Itis also to be borne in mind that even if the elient/borrower guarantor understands the language in which the agreement is couched, he might not necessarily understand the sense of such agreement. From what we have heard, more often than not, he does not From the representatives of the benk who have deposed before us, we gether that either a manager or a bank clerk, who does not necessarily have a legal background, explains the contents of the loan agreements and charge documents. [ehas been stated before us that the bani manager or bank clerk is not giving any legal advice, but explaining the contents of a document to the client. We are of the view that even ifthe bank manager or clerk is not providing legal advice, the signature of a loea agreement or charge document does have egal consequences, and would be much better explained gal advice, This would have the double advantage of by persons entitled to give ensuring that the client borrower is explained the contents ofthe agreement by a third party and preventing any litigation agalnst the financial Institution, [Favavtor docs wot sllienly understaod he lnguage ofthe credit agreement suse tobe eplined the ‘Entntsb the agresment to at persone othe guarantarinsnguage which tha person understands ee ‘We have also been informed of situations where bank managers call on ther clients at their houses for the purpose of making the clients sign documents pertaining to loans We have understood from documents forwarded to us that some banks make arrangements for the documents to be executed in places other than bank premises, “This might stem from a wish to accommodate the client, but we are ofthe ozinion that this practice should be discouraged and that in he case ofa client wi is physically i snd unable to goto the bank, the bank should request that the person gives 3 Power of Attorney to anather person to represent him, We have noted that in spite of the fact that there Is an obligation on the lender to provide & copy of the credit agreement to che borrower and gusrantor as provided by section 9(2)(e) of The Borrower Pratection Act 20072, more often than not 2 copy ofthe said document(s s not banded tothe borrower and guarantor. ‘Although representatives of the different banks who have deposed before the ‘commission have said that upon request borrowers may be given a copy of the loan agreements/charge document(s) we have the distinct impression that this = not the general practic, either because the borrower does not know he can make the request ‘or because the bank does not volunteer to give the copy. cement every lender shal, before granting» cri ay to ay =: tr 58 oswestanding any ote ‘eS copy afte popossd cat agreement he person andthe ns 34 Repayment capacity of borrowers ‘We have also noted that although financial institutions carry out an incuiry into the repayment capacity of client this has not always been done In a satisfactory manner. ‘The law pravides thatthe lender ha the obligation to ascertain the repayment capacity ofthe client The establishment ofthe Mauritius Credit Information Bureau (MCIB)® by the Banke of Mauritius has been an important safeguard against the risks of loan deterioration: it also alms at preventing over-indebtedness. As from the 1*of December 2005, itis mandatory for al participants to make the necessary inquity from the MCIB lity to customers. This allows before approving, increasing or renewing any credit them to have a complete picture of the borrowers’ overall indebtedness before taking a the MCIB final decision as to whether or not to grant the credit applied for. Ath delpants, t does not make actual lending decisions, it provides credit reports to the is up to the participants to evaluate credit reports and any other factor they consider Important béfore deciding whether or not to offer the credit requested ‘We have gathered from the deposition of the representatives of the various financial institutions that the main reason for the failure to service loans is the loss of employment, death of the borrower or decline in business. However, itis also clear that there is also another cause the over-indebtedness ofthe borrower, with terms of {Section 9(D(0 of The Borrower Proton Act 2007 provides that "Notwithstanding any othe enactment ‘ary leader shal before granting a rede fatty 28) person (] eke lleasonsble testo vert thatthe eran a oe key to Reve, the means 2 repay the aun Pipe patcpants of the HCIB compres beni non-bank depos taking insotutions leasing companies, Insure compenies the Dvelopmen! Eeako Maurie Lia the Means Housing Developmen: Co Lethe aureus Col Service Mutl Al Aseoctson Lhe Emplyeas Wels Fund and tty bodies: vide Banke of Mauris Communique, 199 fay 2012 he inermetion boos iarved joint byte MBA and he Bank of Mauris (updated May 20:3). 3B repayment beyond the financial means ofthe client. Therefore, there is also need For & lose monitoring of the borrower's account{s) and prompt action to remedy the sieuation, 3.5 Proportionality of guarantee to credit facility ‘There have been complaints from the persons deposing before us that floating charges ‘were taken on their property when there was no need for same, since a fixed charge ‘would have been sufficient to cover their debt. There is need to ensure that she chevge Isproportional tothe debt. 3.6 Valuation of property ‘ie have had a complaint (rom an applicant ~ who is unable co repay his loan ~ to the effect that he gave a ‘proxy to sell to2 bank and that it was the bank that determined the sale price of his property, which was much lesser than the price at which it was valued ls contention was thatthe bank was only interested in his house, Whilst we find this matter of ‘prony to sell” very disturbing, the matiar Is sub judice as the case Is stil pending before the Master's Court, We note that whilst The Borrower Protection Act 2007 provides for wito betwee financial institution/lender or the client, should incur the costs of valuation of he property tobe given as security, tis silent on the particulars of such valuation Is, aa ey 2) of Te Borrower Pecton Ac proves tat "Where nappa sre 27a secon ‘movable property a socarty forte ootestcn of credit lay and he lending ntti = Immovable Property co be value. the costo the valuation ae met by he lending ison Fs 50 [Shed for cose nocencead the vale ofthe lovable property as specie inthe tle deal” oe rent from section 12(2) that ifthe amount of loan were less than the value of the 1 valuer chosen by the lending institution would do the valuation, We are of is property valued spp property, the view that it should be possible for the client to have hi independently ofthe lending institution 3.7 The role of the civil law notary ‘We believe that there is need for measures to redress the disparity in relation to information available to the borrower and the financial nstitution/lender. Financial insttutions/lenders usually hold more. influence than the borrower, so that the intervention of a notary would ensure that the borrower understands his lisilities, and to purit bluntly, the fundamentals ofthe document hei signing. ‘civil law notary s an offiter public et minitével (appointed by the State ard holding & delegation of its power), who is impartial and independent from the partes that he sdvises, and who draws up deeds witnessing the will ofthe parties and authenticates seme, thereby verifying the legality ofthe transaction at the time of conclusion of the contract. This obligation of impartiality and independence is not 2 mere mission “statement: it isa statutory requirement that is entrenched in the Notaries Act Before any signature Is affixed to any loan agreement, the notary has the obligation to verily beforehand: (the egal capacity of theitorrower: ee eee the egal capacity ofthe representative of the financial institution; (li) the value ofthe property given In guarantee. The above verifications would prevent, or at least reduce, any challenge tha: may arise, and thereby, prevent or reduce eases before the Courts. ‘The need for authentic deed ‘There are numerous advantages to an authentic deed, the major ofes being: = la datecertaine™ “ta force probance’ 2a authentic deed has force of law until prououncec forgery bya Court of Law. "la force exéewoire’: the contract is immediately legally birdin, example in case of non-payment by the borrower, with: Intervention ofthe Court. The civil law notary authenticates legal transactions and is required prise authentication to explore the Intention of the partes, determine the Factual situation, Instruct the parties involved on the legal Implications of the transaction ant their declarations and undertakings clearly and unambiguously In the deec, whils ensuring that errors and doubts are prevented and alleviated and that inexperience “unsophisticated partis are not disadvantaged. 16 By providing unbiased professional legal advice, the civil law nomary ensures informational parity among the contractual parties and draws up a deed accordingly and, with this deed, facilitates the enforcement of legal transactions. Notarial deeds censure that parties who agree to have their declaration notarally authenticated achieve clarity as to thelr implications and/or to secure evidence. ‘The civil law notary does not shape the content of the individual preferences nor does hh intervene in the pursuit of vested interests ofthe parties involved in thelegal acts to Deauthenticated Rather, the civil law notary assists during the process of legal acts and shapes this process, ‘The civil law notary’s duty consists in proposing 2 wording for the deed and equilibratig the contract. He records and documents their meeting of minds at which they themselves arrived, following information, and advice received from the civil law notary. Accordingly, the evil law notary assist in the distribution and admin stration of per justice and the rule of law by annulling the otherwise prevalent inequality of rms, which exists between intr alia,a lender, anda borrower. It is undisputed that the world of contracts, from initiation to enforcement could not function without the intervention of a neutral third party who isthe civil aw notary. ~ Professor Robert Shiller of Yale University ~ 2033 Nobel Prize Winner In Economics in his Book “THE SUBPRIME SOLUTION - How today’s global financial crisis happened and what to do about it stated therein Fa a “A possible defoutt opinion would be a requirement that every moryage borrower have ee essstance of @ legal profestonal akin to a civil law note, “such notaries practice m many countries although not in the US in Germany Jor example the cl law notary i trained legal professional who ceads aloud ‘and interprets the contract and provides legal advice to both parties before witnessing their signatures: This approach partiuldly helps those who ta obtain competent and objective legal advice. The participator of suclt = government appointed figure in the mortgage/lending process woald male's steer their elles to more dificult for unscrupulous mortgage lenders to juately warn the clionts ofthe dan sympathetic lawyers who would nar adeq they eould be facing.” ‘The role ofthe notary is not merely to resolve conflict in progress, but also forec potential conflict in advance and neutralise same, thereby lowering costs, which ti subsequently arise in disputes, “the Association of Notaries of Mauritius (ANM) has adhered to the Union intestines du Notariae, which eurrently comprises 86 member States, with several morecouniste= having applied for membership. Statistics show thatthe notarial profession thrives i about two-thirds ofthe world's countries. The dominant global trend tndisputably iets towards civ-taw notaries: on the one hand, major emerging powers such as ine hav willingly chosen to incorporate the Notarial profession to their legal system, an 2n the Jaw jurisdictions are naw questioning the appropristeness oF jes are absent {for eg % other hand, even common-| ‘a legal system fom which impartial civiblaw no sma and Florida). This denotes the a introduction of evi-law notaries in Alaba usefulness ofthe profession of civil law not recognition, worldwide, of the Infact, calls forthe intervention of notaries seem also to emanate from sources in the ‘banking sector itself To quote from "Manuel de Droit Bancaire Mauricien” under the pen of Professors Bruno Dondero and jean-Laptiste Seube, 1+ edition (2012): "Les ‘cautionnements conclus en la forme authentique: an estime que te notaire en raison de son role de consell, aura correctement informé la caution de importance de son engagement’? International best practices ma bid to avold reinventing the wheel, we have sought to draw inspiration (and perhaps even lessons) from similar reforms that have been implemented and/or contemplated abroad. Tae example of France is particularly relevant light of the long- standing common legal history that Mauritius shares with that country; however we hhave also identified common law jurisdictions from which calls for reform of the mortgage sector are increasingly originating. ‘A Commission chaired by Professor Michel Grimaldi, tasked with a review of French security law, found that better regulation of the credit market has led to extremely low rates of default in France ("des taux cle sinstres extrémement bas"). * Manuel de Dra bancote maurice, p. 119, para. 205. This statement i supported by & reirence to = Freeh Supreme Cowre decison: Case 3,33 fe. 1996 D, 1996, som P2650 Ayes * eComme Tu» et rocommandé la misson = pi atache du ProfssearGrinall gut présieegroupe de travallsurl forme des Drts des Suretés»(pege 2 ofthe «Rapport» Vide aso: Groupe de Tava rele 2 eiorme du Droit dee Sureis Rapport: Monsieur Domingue Perben, Garde des Seecox Minstrels Istee, 18 sdcisires NY22/04) 1m 2004, the French Minister of Finance and the French Minister of fustee (Garde des Sceoux) requested the French Finance Department (Inspection Géeérole cle Finances) and the French Judiciary Supervisory Department (Inspection Générate cas Services Judlciaires) to assess a possible adaptation of the mortgage regime ance with the dual objective of Fostering ownership of real estate (esp. with respect to family homes} and broadening the range of mortgage security products on offer to French public ‘The Rapport D’Enquéte focused, ner alia, on the two main types of security use France, ie the mortgage (hypothdque) and the lien (privilége) A lengthy and ext consultation process with market players was initiated: mortgage conservators, notaries, district courts financing and banking institutions, legal professions, comsumer associations, and economist, Three French Supreme Court judges were also canst on the matter ‘par ieee de pion du 25 jus 2006 Le Bisse Bint bis de YEconomie des Fiatces ot Fads ie ade des Seen Ministre sauce ast demande 2 inspection gndrale de asnces = Feel sorcasjudcaresd erie: Taapraton du regime des hypotequer (Page 1 & Rapport Tent) sur Fiypohique tle Cea poche Inspeton Gndrle des Finances No. 2008-10522 Insect Generate de Series udicatres Ho 32/08 20 More importantly the Rapport D'Enquéte carried outa comparative review of mortgage security regimes in several European States, and actually visited the United Kingtiom ‘and Germany in order to better carry out this review. Some of the salient points ofthe findings were as follows: real estate finance is systematically secured by in rem security on Property (France has however developed an interesting alternative, Which isthe cautionnement, in particular due tothe existence of specialist Basel and Basel I guidelines provide for more favourable (Le. less burdensome) prudential rules applicable to credit institttions where loans are secured by reliable mortgege security; the various countries surveyed: 2 common core exists betweer Intervention of a law practitioner, registration of the security in a public register with identification of at least 3 elements (debtor, creditor, and property charged), date of benefit of rank, etc: the real estate security sector in all countries is impacted by social and political considerations: in Anglo-Saxon countries, access to credit finance | encouraged to the extent that a high-risk (sub-prime) lencing market has emerged: conversely, in France and other continental Stites, where the fight against over indebtedness and consumer protection have weighed heavily in public and, political debates, the credit market is better regulated (which has led to low rates of default); diversification of the mortgage market does nat necessarily entail changes to statutory types of security that exist. Instéae, existing allow for morgage security mechanisms can be adapted in ordei a pe further advances (24. flexible loans in the UK), property loan refinancing (remortgaging in the UK, refinancing in the US, whether oF not with the same lender), independent mortgage loans (home equity lines or second mortgages) Interestingly enough, the Rapport D'Enguéte addressed the issue of the ‘formes (le. the formal requirements) attaching to the creation of a mortgege, which involves « notarized deed, registration of the mortgage dee, as well as payment of various costs. tn that regard, it was found that “Dons le cas dune vente dtimmeuble, Vocte de ers ypothécaire est en général, inséré dans lace de vente. Sa présentation ss formulation sont souvent dietées par Vétablissement préteur. It est fnalsé dans les préeendre que !2c"2 mimes délais que cou de Vacte de vente. Il est done diffcite de authentique de prét allonge les délls nécesaires pour procéder@ la venta” and “Pour Memprunteur, ce processus ‘along pas le dat des formalités de vente” While & was agreed that it was necessary to “simplify the administrative end legs! formalism that surrounds mortgage registration, and also to materially reduce the thereof, t was specified that nest pas appar possible la mission de se pase {forme euthentique de Vacte de prét pour la constitution de siretés réetes et dons. de intervention ds notaire™®, ‘The reasons for this continued {nvolvement ofthe notary in the process wet stated in the Rapport D'Enquéte: «Le forme authentique confére @ Wace s exteutoire stelle qu permet eréncie enceneher a sisie ds ben an eos e see page 34 ofthe Rappor PEngutte "25g pase 25 af the Rapore DEeautte défatilonce de débiteur, sans avoir besoin au préalable d'obtenir une décision de justice, Lneervention dv notaire comporte un devoir de consell@ 'égard de Vempruntour et elle

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