Alma Assets provides independent expertise across asset-based lending, collateral intelligence, due diligence and recovery — helping lenders, investors and corporates make better decisions when value matters most.
We combine financial, credit, collateral and operational expertise to provide a clear view of risk — and a practical path forward.
Alma Assets is a professional services organisation supporting clients in minimising risk and loss as it relates to receivables and collateral.
Our professionals bring experience across accounting, banking, credit and collections, management consulting, finance and treasury. The result is institutional-grade advice with a strong focus on execution.
Objective analysis and clear recommendations.
Senior-level expertise across the credit lifecycle.
Cross-border coverage across Europe, Africa and USA.
Practical solutions focused on value preservation.
From origination to workout, Alma Assets provides specialist insight where collateral, credit and execution intersect.
Structuring, monitoring and reviewing secured lending facilities throughout their lifecycle.
Independent verification and monitoring of inventory, receivables and pledged assets.
Legal, credit, financial and on-site assessment of underperforming loans and investments.
On-site examinations covering receivables, inventory, pledges and full-circle finance reviews.
Practical support for stressed and distressed exposures, recovery and portfolio transition.
Inventory audit, valuation and monitoring with technology-enabled verification through CertiFly.
Our role can begin before a facility is committed and continue through monitoring, restructuring or recovery.
Opportunity assessment
Risk & collateral review
Security & advance rates
Ongoing collateral oversight
Early warning & strategy
Value maximisation
In Continental Europe there is no single legal equivalent to the U.S. Chapter 11 DIP regime. Instead, new-money financing is structured within each jurisdiction's restructuring and security framework — with collateral, priority, enforcement and monitoring at the centre.
Whether the security package is built around a Belgian pandrecht, Dutch vuistpand or bezitloos pandrecht, French gage avec or sans dépossession, or Luxembourg gage, the lender needs a reliable picture of what is pledged, where it is, who controls it and what it is worth.
Debtor in Possession (DIP) is used here as a commercial financing concept rather than as a claim that the four jurisdictions reproduce Chapter 11. Alma Assets focuses on the practical lender question: how can new money be protected while the debtor continues trading and the restructuring is implemented?
That question becomes particularly important where inventory and other movable assets form part of the security package. The legal route to third-party effectiveness and control differs materially between Belgium, the Netherlands, France and Luxembourg. The financing therefore needs to be designed together with the collateral monitoring and enforcement mechanics.
Belgian security law is fundamentally registration-based for a non-possessory pledge, while possession remains an alternative route for third-party effectiveness. For tangible assets, the gage/pand can therefore be structured with or without dispossession.
Dutch law distinguishes possession-based vuistpand from non-possessory bezitloos pandrecht. The latter allows the debtor to retain the goods, which is particularly relevant to operating businesses and inventory-backed financing.
French law recognises both routes. A gage is perfected by a written agreement and is opposable to third parties through publicity; dispossession to the creditor or an agreed third party is also a recognised route.
Luxembourg commercial pledge rules place particular emphasis on possession or deemed possession by the creditor or an agreed third party, with notification/acceptance mechanisms relevant to certain forms of dispossession.
| Jurisdiction | Core terminology | Possession / control | DIP relevance |
|---|---|---|---|
| Belgium | Pandrecht · pand met / zonder buitenbezitstelling | Registration or dispossession, depending on structure | Collateral control and ranking must be aligned with the restructuring and new-money structure |
| Netherlands | Vuistpand · bezitloos pandrecht | Creditor possession or debtor-retained possession | Particularly relevant where the business must keep using pledged inventory during a WHOA/restructuring |
| France | Gage avec / sans dépossession | Publicity or dispossession can establish opposability | New-money claims during observation can benefit from statutory priority, subject to the applicable procedure |
| Luxembourg | Gage · dépossession · tiers convenu | Possession / deemed possession and notification mechanisms are important | Restructuring moratorium and extraordinary secured creditors need to be considered alongside collateral protection |
Advanced inventory verification combining drone technology, RFID tracking and real-time data to increase audit coverage and data integrity while reducing operational disruption.
Specialist understanding of secured lending environments across Belgium, the Netherlands, France and Luxembourg, supported by broader international coverage.
Alma Assets operates across Western Europe, Africa and the United States, combining local execution with an international perspective on collateral and credit risk.
Western Europe · Africa · United States
Perspectives on asset-based lending, collateral risk, inventory finance and recovery strategy.
Alma Assets perspectives on early-warning indicators, reporting integrity and practical monitoring.
Whether you are underwriting a new facility, monitoring an existing exposure or navigating a stressed credit position, Alma Assets can provide independent advice and practical solutions.
Info@alma-assets.be
+32 477 26 33 46
BeNeFraLux · Africa · USA