‘Suraksha’ loan for BASL members

Wednesday, 23 December 2020 00:02 - - {{hitsCtrl.values.hits}}

BASL President Kalinga Indatissa PC signing the MOU

MOU signed with BOC

A Memorandum of Understanding for the immediate commencement of the ‘Suraksha’ distress fund loan scheme for junior lawyers was held at the BOC Head Office, Bank of Ceylon Mawatha, Colombo 1, with the presence of BASL President Kalinga Indatissa PC and Chairman and Conveners of the Junior Bar Committee of the Bar Association of Sri Lanka with members of Bank of Ceylon (BOC).

Bar Association of Sri Lanka Junior Bar Committee Co-Convenor, Attorney-at-Law Nishan Premathiratne said: “This fund was initiated by the Junior Bar Committee of the BASL which is chaired by President’s Counsel Kuvera de Zoysa, in the advent of the COVID-19 pandemic which saw the closing down of courthouses for a prolonged period of time in areas such as Gamapaha, Wattala, Colombo and several other areas which has unfortunately affected the self-employed junior lawyers who rely on professional work undertaken on a daily basis resulting in their workloads being reduced to a bare minimum. Presently in Sri Lanka there are more than 8,000 junior lawyers in the legal fraternity, below 10 years of practice in the Bar. The ‘Suraksha’ distress fund loan scheme was as a result of the continued efforts by the Junior Bar Committee of the Bar Association of Sri Lanka (also comprises Co-Convener Janaka Basuriya), the Executive Committee of BASL and the Bank of Ceylon seeks to give some degree of redress to financially distressed junior lawyers.”

“Once a regional Bar nominates distressed member/s, through the regulated process, eligible members would be selected and would be communicated to the BOC, which would proceed to make the disbursement through the regional branch in which the member is located. Many senior members of the BASL have already come forward to contribute to the fund which is extremely heartening. Owing to requiring the process to be formalised, the formal launch took a little time, but the framework is now in place which would ensure transparency and continuity,” Premathiratne added.

The ‘Suraksha’ distress fund loan would be with a minimal interest component of around 2% per annum with a grace period of six months given without the requirement of any installments being required to be paid during the grace period.”