24/08/2023
Another milestone achieved in Collateral Registry Project
By Glen Simon, NCPC
Saint Lucia’s Collateral Registry of Movable Assets has reached another milestone in the implementation phase. The Collateral Registry is an online database of movable assets that supports the Security Interest in Movable Properties Act passed by Parliament in 2022. The National Competitiveness and Productivity Council (NCPC) has spearheaded the coordination and implementation of this legislative reform which is projected to boost economic activity in Saint Lucia by making access to finance easier for micro, small, and medium enterprises. Economist and Project Lead at the NCPC, Sharma Mathurin, highlighted the significance of this phase of the project.
“We are very well pleased to be at this juncture. Of course, this project entails two phases the development of the software as well as the installation of the hardware and things are happening. The equipment is being delivered the hardware is being installed today and we are very thankful to the officials at the Ministry of Tourism particularly the OECS Regional Tourism Competitiveness Project for providing the funding for this aspect of the project.”
Toyla Lagon, Tourism Projects Coordinator at the OECS Regional Tourism Competitiveness Project (ORTCP) said this is but one of the activities funded by the project but is one that is highly anticipated to provide tremendous opportunities for many Saint Lucians.
“Under this project what we seek to do is to increase opportunities for the self-employed individual who wishes to earn their living within the tourism sector. How this factors into the tourism sector is that the movable assets registry allows for persons who do not have fixed assets to be able to have the opportunity to self-invest.”
Pedro Souss, General Director of IOS Soft, the company contracted to install and set up the hardware component of the Collateral Registry, noted that this represents phase two of the project.
“We will have the installation today. We will have the receiving of the equipment. We will physically validate that we received the equipment. The equipment is being validated by three organizations and once we verify it, we will begin the installation here and in the second site. We work with our partner, our local supplier, Computer World. It is a world reputable company here on the island and they are very professional. They are delivering everything in the right conditions and like you see its brand new equipment, everything is in the right conditions it has to be.”
Daniel Francis, Registrar at the Eastern Caribbean Court of Justice and The High Court said achieving this phase of the project means the project timelines are being maintained, which should lead to a successful outcome for the overall project.
“What it means for us especially is an increased efficiency in the delivery of our services. The turnaround time for all of these related matters, the conduct of searches, the retrieval of information regarding collateral, and the entire process for registration has also been streamlined and made that much more accessible and the two tenants that we thrive on here are equality before the law and equal access to justice. And, I think this is an incredible tool to allow for that.”
The National Competitiveness and Productivity Council looks forward to the launch and full implementation of the Saint Lucia Collateral Registry of Movable Assets in the coming weeks.
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