Independent advisory · Asset-based finance

Protecting Capital.
Preserving Value.

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.

20+Years experience
3Continents
7Core disciplines
CoverageEurope · Africa · USA
FocusCollateral · Credit · Recovery
Working with
BanksPrivate CreditInvestorsLaw FirmsCorporates
The Alma Assets approach
Independent judgement.
Practical execution.
Protected value.

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.

01

Independent

Objective analysis and clear recommendations.

02

Experienced

Senior-level expertise across the credit lifecycle.

03

International

Cross-border coverage across Europe, Africa and USA.

04

Action-oriented

Practical solutions focused on value preservation.

Our expertise

Intelligence behind
better credit decisions.

From origination to workout, Alma Assets provides specialist insight where collateral, credit and execution intersect.

01 / ADVISORY

Asset-Based Lending

Structuring, monitoring and reviewing secured lending facilities throughout their lifecycle.

02 / COLLATERAL

Collateral Intelligence

Independent verification and monitoring of inventory, receivables and pledged assets.

03 / DUE DILIGENCE

Credit & Collateral DD

Legal, credit, financial and on-site assessment of underperforming loans and investments.

04 / FIELD WORK

Field Examinations

On-site examinations covering receivables, inventory, pledges and full-circle finance reviews.

05 / SPECIAL SITUATIONS

Workout & Recovery

Practical support for stressed and distressed exposures, recovery and portfolio transition.

06 / INVENTORY

Inventory Finance

Inventory audit, valuation and monitoring with technology-enabled verification through CertiFly.

The credit lifecycle

From origination
to recovery.

Our role can begin before a facility is committed and continue through monitoring, restructuring or recovery.

01

Origination

Opportunity assessment

02

Due Diligence

Risk & collateral review

03

Structuring

Security & advance rates

04

Monitoring

Ongoing collateral oversight

05

Workout

Early warning & strategy

06

Recovery

Value maximisation

DIP · New Money · Restructuring Finance

DIP thinking.
European security.

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.

Alma Assets · Cross-border DIP support

New money needs new visibility.

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.

01 / BELGIUM

Pandrecht · buitenbezitstelling

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.

02 / NETHERLANDS

Vuistpand · stil/bezitloos pand

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.

03 / FRANCE

Gage avec / sans dépossession

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.

04 / LUXEMBOURG

Gage · dépossession · tiers détenteur

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.

Security perfectionIdentify the correct mechanism, registration, possession and evidence of control.
Collateral monitoringVerify inventory, receivables, movements, eligibility and reporting throughout the new-money period.
Recovery readinessMaintain a fact base for enforcement, refinancing, sale or restructuring decisions.
Four jurisdictions · One lender question

How the security concept changes across BeNeFraLux.

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
Legal note: This overview is intentionally high-level and is not legal advice. Security perfection, priority, enforcement, insolvency effects and new-money protection depend on the asset, transaction documents, debtor status, applicable insolvency procedure and conflict-of-laws analysis. Alma Assets works alongside local legal counsel where legal opinions or filings are required.
Specialist capabilities

Where complexity requires
specialist judgement.

Technology-enabled audit

CertiFly Intelligence™

Advanced inventory verification combining drone technology, RFID tracking and real-time data to increase audit coverage and data integrity while reducing operational disruption.

Drone-enabled inventory audit
RFID tracking
Real-time data capture
Tamper-resistant verification
BeNeFraLux expertise

Local knowledge.
International perspective.

Specialist understanding of secured lending environments across Belgium, the Netherlands, France and Luxembourg, supported by broader international coverage.

Registered pledge structures
Receivables eligibility & ageing
DIP examinations
Full-circle finance reviews
International coverage

Local expertise.
Global reach.

Alma Assets operates across Western Europe, Africa and the United States, combining local execution with an international perspective on collateral and credit risk.

BelgiumBeNeFraLux hub
NetherlandsBeNeFraLux coverage
FranceBeNeFraLux coverage
LuxembourgBeNeFraLux coverage
AfricaInternational assignments
United StatesInternational assignments

Western Europe · Africa · United States

Perspectives

Thinking beyond
the balance sheet.

Perspectives on asset-based lending, collateral risk, inventory finance and recovery strategy.

Coming soon · Alma Assets Insights

Collateral is not just security. It is information — and information drives better credit decisions.

Perspective

Why collateral monitoring becomes critical before a credit problem becomes visible.

Alma Assets perspectives on early-warning indicators, reporting integrity and practical monitoring.

Get in touch

Let's discuss
your situation.

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

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