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The proposals, which broadly followed Personal Property Security Act legislation elsewhere, were considerably watered downin the Law Commission’s fi nal report: ‘Company Security Interests’ (Final Report No 296, English Law Commission, 2005). In the end, even the modifi ed proposals failed to reach the statute book. I have now been succeeded as Executive Director by my Oxford colleague, Professor Louise Gullifer My focus will not be on national laws but on the international scene, and particularly the Cape Town Convention and Aircraft ProtocolA International DevelopmentsOver the past 25 years, there has been an explosion of international and regional activity in the fi eld of, or including, security in movable property. Almost none of it has been successful, though with some recent instruments it is perhaps still too early to dismiss them as failures. If designing national laws is hard, the formulation and adoption of international instruments is harder still and usually takes many years ofeffort. There are several reasons for this. First, the work involves participation by practising and academic lawyers from numerous legal systems based in several legal families, each with widely differing approaches to secured transactions. Second
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