What must be further mentioned is that even if an International Interest is not registered with the International Registry, it might still be effective in an insolvency proceeding against the debtor.
In this context the unregistered International Interest can be effective as a national interest under the applicable national law. However, this extension of validation of the
International Interest would require that the creditor has registered the interest
according to the applicable national law.
It is doubtful whether a creditor who has omitted to register with the International Registry has done so with a national register.
Thus the extension of validity seems to only be of importance where an interest does not have