The end result is that the interest of a creditor under an international interest will
be effective against an insolvency administrator either if the creditor has registered its interest in the International Registry or if the creditor’s interest is effective against the insoFor example, under legal systems that do not characterise a lease as a security interest (or the equivalent for perfection purposes), the interest of the lessor
will remain effective in the insolvency of the lessee even if it has not been registered under national law or in the International Registrylvency administrator under national law