P4/Strat.No.24: Supporting the Business Environment by Fast-Tracking Legislation for Increasing Access to Finance by Medium, Small, and Micro Enterprises.
Guidelines and Criteria
Provide businesses with the opportunity to access financing using business movable assets such as equipment, receivables and inventory.
Fast track legislation for the Security Interest in Movable Properties & Insolvency
Procure the design and implementation for the online Collateral Registry
Date of completion for Legislation: September 2020
Date of completion for Collateral Registry: August 2021
Small and Micro Businesses
Lending criteria as set out by the financial institutions and legislation
Department of Finance - NCPC, Registry of the High Court, and Financial Institutions
Individuals and Business Community
[April 21, 2021]
This intervention is being coordinated by the Department of Finance.
(1) Fast track legislation for the Security Interest in Movable Properties & Insolvency
The two draft Bills (Security Interest in Movable Properties and the Insolvency) have been advanced and they are now at the AG Chambers for finalisation. Consultations have been held with stakeholder groups for both draft Bills.
(2) Procure the design and implementation for the online Collateral Registry
The RFP has been prepared and is being vetted internally and by the IFC/World Bank Group. It is expected that the request for proposals will be sent out by March 2021 for the design and implementation of the Online Registry.
SECURITY INTEREST IN MOVABLE PROPERTIES & ONLINE COLLATERAL REGISTRY
BANKRUPTCY AND INSOLVENCY
Source: National Competitiveness and Productivity Council (NCPC)