Secured Transaction Systems and Collateral Registry Proposals Being Reviewed

The St. Lucia Chamber of Commerce Industry and Agriculture continues its work to Make It Easier to Do Business in St. Lucia by participation in discussions and in the review of Consultants work on creating a Secured Transaction System and Collateral Registry aimed at improving access to credit.

The meeting held on Thursday 28th April, 2016, reviewed the most up to date work on the proposed Secured Transaction Act including the Proposed Outline of the Secured Transaction Act and the first two Chapters; Chapter I Objectives and scope of application, definitions, and general provisions, while Chapter II deals with Creation of a security right.

The meeting was led by Mr. Neil Cohen a Professor of Law and an IFC recruited Consultant and was attended by the Chamber Executive Director, Queens Counsel Mr. Michael Gordon and other representatives from the James Belgrave Micro Enterprise Development Fund, the Credit Union Movement, and the Ministry of Economic Planning.

The Chamber welcomes the work which the Government has commissioned in this area as it will augur well for access to credit particularly for SMEs. This work will also bolster work which the Government is pursuing in the area of Resolving Insolvency, as well as work at the sub-regional level in the area of diversifying the financial system.  The Chamber also continues to work with the Caribbean Credit Bureau Ltd. Of Barbados on trying to reestablish a Credit Bureau on island, which will go a long way in creating an enhanced and robust environment for managing and enhancing the credit environment.

Meanwhile the Chamber has moved to circulate the material on the Secured Transaction System and the Collateral Registry among its membership so it will be better placed to provide substantive feedback to the process through the Ministry of Economic Planning.


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