Press briefing of Cabinet Decision taken on 2018-06-19

Draft Bill on 'Secured Transactions'

- The Cabinet has granted approval previously, to repeal the Secured Transactions Act, No.49 of 2009 and to draft a new Bill to enable Small and Medium Entrepreneurs to leverage a large part of their assets as 'surety bonds' in obtaining credit for improving their enterprises. It has also been proposed to amend the Prescription Ordinance, Trust Receipts Ordinance, Mortgage Ordinance, Finance Leasing Act, No.56 of 2000, Inland Trust Receipts Act, No.14 of 1990, Companies Act, No.7 of 2007 and the Registration of Documents Ordinance, along with the proposed draft Bill. Accordingly, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, to amend the said Acts and to table the Draft (Amendment) Bills in Parliament, was approved by the Cabinet.