Press briefing of Cabinet Decision taken on 2019-05-28

Presenting the Secured Transaction Bill in Parliament

- It has been proposed to reform the secured transactions legal framework by repealing the Secured Transaction Act, No. 49 of 2009, with a view to enabling Small and Medium Enterprise (SMEs) to obtain credit facilities to develop their businesses utilizing a part of their assets including movable properties. Accordingly, the Cabinet had granted its approval to repeal the Secured Transaction Act, No.49 of 2009 and draft a new bill and due to that the necessity has arisen to amend the Prescription Ordinance, Trust Receipts Ordinance, the Mortgage Act, Finance Leasing Act, No.56 of 2000, Inland Trust Receipts Act, No.14 of 1990, Companies Act, No.07 of 2007 and Registration of Documents Ordinance which are in force at present and approval of the Cabinet has also been granted in that regard. As such, the proposal made by Hon. Ranil Wickremasinghe, Minister of National Policies, Economic Affairs, Resettlement & Rehabilitation, Northern Province Development and Youth Affairs to publish the draft bills made for amending the aforementioned 07 Acts and Ordinances which have been identified to be amended with the drafted Secured Transaction Bill in the Government Gazette and thereafter, to present the same in Parliament for approval, was approved by the Cabinet.