Fiji Time: 10:00 AM on Sunday 18 March

Fiji Times Logo

/ Front page / Archives » Article Index

New Act a game changer

Manasa Kalouniviti
Friday, February 23, 2018

THE principal at Howards, Wylie Clarke, says the Personal Properties Securities Act, which was passed last year, is a game changer.

"It's a game changer for bankers, and it's a game changer for businesses and it's going to require a bit of work on understanding what this legislation does," he said,

Mr Clarke made the comments while addressing participants of the Fiji Institute of Bankers workshop for bankers and lawyers at Holiday Inn Suva yesterday.

He said lawyers worked with bankers on trying to prepare documents for various securities.

"It's has been a difficult process and one of the key reasons identified on why there has been a very weak investment market in Fiji is that it's very difficult for people to have access to finance," Mr Clarke said.

He said a key reason was that, up until now, there had been only a few things that one could take security over, or one could pledge as a security to a bank or your lender or your supplier.

Mr Clarke said this placed a lot of people in the unsecured market but banks had put a premium on unsecured finance and it was quite expensive.

"This was where the ordinary Fijian, who had no asset to mortgage, could not access finance to start a business etc.

"Because apart from a mortgage or a Bill of Sale that you have registered at the Companies Office, there's nowhere else to register your charges if you've taken a Bill of Sale over someone's generator or taken a licence over someone's intellectual property.

"Because you can't tell if that asset is pledged to someone else or not."

He said the PPSA dealt with this problem by allowing people to pledge personal property to access finance and also set up an online register, accessible to all, to register your interest in the property.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.65100.6320
JPY 53.691350.6913
GBP 0.35690.3489
EUR 0.40560.3936
NZD 0.69210.6591
AUD 0.64290.6179
USD 0.50070.4837



Exchange Rate updated on 16th, March, 2018

Today's Most Read Stories

  1. Where are our horses
  2. Keep what we have
  3. Villagers look forward to better water supply
  4. 100 uni students in dengue fever fight
  5. Call to step down
  6. Sandalwood planting
  7. FICAC rolls out pilot phase project
  8. E-ticketing scrutiny
  9. Family and friends farewell naval pioneer
  10. Digitalisation process a big challenge for the museum

Top Stories this Week

  1. Sims' 100th game Thursday (15 Mar)
  2. Cessna heroes Monday (12 Mar)
  3. Picking up the pieces Tuesday (13 Mar)
  4. Men urged to marry Thursday (15 Mar)
  5. 'Forced to go' Saturday (17 Mar)
  6. Man to appear in high court for wife's death Monday (12 Mar)
  7. A star in the making Thursday (15 Mar)
  8. Baravilala's ode to Cessna victims Thursday (15 Mar)
  9. The faith Monday (12 Mar)
  10. 7s hunt Tuesday (13 Mar)