During Tuesday’s ‘Issues in the News’ programme, Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, SC, reminded his viewers that a special registry is established within the Deeds and Commercial Registry, following the passage of the Security Interest in Moveable Property Act No 20 of 2024.
“Legislation allows persons to take out credit or buy these movable properties on credit using the very movable properties or other movable properties as collateral for the credit transaction,” the AG explained.
The passage of the modern legislative framework marks a significant milestone in advancing Guyana’s business and financial regulatory environment, complementing its rapidly expanding economy.
Minister Nandlall explained that due to technical difficulties, the Collateral Registry’s operations were delayed; nonetheless, “We have addressed that and there’s a whole mechanism now in place that allows for the use of this registry.”
The Registrar of Commerce has since been ordered to issue a notice informing all stakeholders of this development. Meanwhile, banking and commercial stakeholders, including registry staff, have received formal training to ensure the smooth implementation of services.
Minister Nandlall assured Guyanese that there will be continuous training to familiarise all important stakeholders involved in this new framework.
Additionally, the government has repealed the Bills of Sale Act to facilitate transactions through the Collateral Registry. The old act was used as a legal agreement that protected lenders when giving credit for movable property.
These are part of a wider legislative reform led by the People’s Progressive Party/Civic (PPP/C) administration in keeping with its commitment to making business in Guyana efficient and seamless. (Department of Public Information)
