Given that avoidance actions aim to reverse the detrimental effects of a legal act on an insolvency estate, it is appropriate to consider the detrimental effects of a legal act to have been caused at the moment the legal act is perfected and not at the moment the legal act is executed. For the purposes of this Directive, a legal act is considered to have been perfected when it produces legal effects in accordance with national law. However, where, pursuant to national law, the legal effects of a legal act are conditional upon it being entered in a public register, Member States should be able to provide that the legal act is considered to have been perfected as soon as all the other requirements for its effectiveness have been met, because the time it takes to enter a legal act in a public register is beyond the control of the debtor and the other parties to the legal act.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
