Bill amending the Companies Act, No. 07 of 2007 (dated 10/11/2023) – Ministry of Finance, Economic Stabilization and National Policies
View Pdf– Bill amending the Companies Act, No. 07 of 2007 (dated 10/11/2023) – Ministry of Finance, Economic Stabilization and National Policies.
- The Ministry of Finance, Economic Stabilization, and National Policies introduced a bill proposing amendments to Section 427,428,431, and the inclusion of Section 433A in the Companies Act, No. 07 of 2007. The proposed changes include amending Section 427 to subject floating charges by companies to the Secured Transactions Act, No. of 2023, ensuring applicability to secured transactions in movable property. Section 428 is modified to allow for the registration of instruments creating a floating charge over movable property under the Secured Transactions Act, while Section 431 is to incorporate the provisions of the Secured Transactions Act when determining the priority of floating charges on movable property. Additionally, Section 433A is introduced to provide an interpretation of the term “floating charge” for the application of the Secured Transactions Act. Please refer the bill for more details.
