The reason for this mechanism is twofold:
on one hand, one wants to avoid situations where International Interests are subordinate to pre-existing rights or interests for an undefined period of time, on the other hand creditors have to be given the opportunity to re-perfect their rights or interests within a reasonable period of time. In other words, after the designated period of time has elapsed the priority rules of the Convention will be applicable to all preexisting rights or interests covered by the declaration, and creditors who have
not registered their rights or interests with the International Registry will loose
their priority.
The fact that none of today’s Contracting States have made a declaration in this respect leads to the conclusion that it is preferred to preserve the priority of a creditor by filing a notice of a national interest with the International Registry and not to have the Convention applied to national rights or interests as such