240 / 516
The final document certifying the insufficiency of the pledge only
states that the debt was not covered with the pledged, whereas the cer-
tificate of insolvency states that the entire property of the debtor is not
sufficient to cover the debt. For this reason, the final document certi-
fying the insufficiency of the pledge does not bear the advantages of
the certificate of insolvency.
Conclusion
The procedure of the liquidation of the pledged movables materi-
ally coincides with the general seizure proceedings. However, certain
differences arising due to the presence of a pledge, for instance the
obligation of primary application to the pledged property, are impor-
tant. The absence of a seizure phase in the procedure for the liquida-
tion of the pledged movables stands out as the most material differ-
ence. Nevertheless, the process of sale of the pledged property and the
distribution of the considerations are widely similar with the general
seizure proceedings.
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