Draft bill on Parate Law suspensions to be presented in Parliament on 7 May

Tuesday, 30 April 2024 00:42 - - {{hitsCtrl.values.hits}}

The Draft Bill of the Recovery of Loans by Banks (Special Provisions) Act, allowing for the temporary suspension of the Parate Law will be taken up for debate in Parliament on 7 May.

The draft bill is anticipated to be voted on the same day. It is expected the draft bill will garner support from both the Government and the Opposition.

The bill proposes the suspension of auction sales for properties mortgaged to banks as collateral for loans until 15 December after Section 4 of the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 was amended to facilitate the necessary legal provisions.

In early March the Cabinet gave its approval to publish the Draft Bill of the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 which was amended to facilitate legal provisions for the suspension of Parate Law.

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