Accprding to Minister for Natural Resources, Labour and Immigration, Honourable Vincent O. Wheatley (R9) the amendments to the Charging Orders Act will allow the Territory to bring in additional funds that it would otherwise not have access to. Photo: VINO/File

The amendments were laid during the Fifth Sitting of the Second Session of the Fourth House of Assembly (HoA) on Thursday, February 27, 2020 by Attorney General Baba F. Aziz. Photo: VINO/File

Minister Kye M. Rymer said, 'I too rise in support of this amendment. I know this is vital legislation that is needed. We understand the shortfall in our revenue, and this is timely, and it will be important for us as a Territory and I rise in support.' Photo: VINO/File

The amendments were laid during the Fifth Sitting of the Second Session of the Fourth House of Assembly (HoA) on Thursday, February 27,  2020 by Attorney General Baba F. Aziz.

Purpose of amendments

Mr Aziz said, “The enactment of this bill will demonstrate that the territory is not a haven for those who will seek to evade justice by means of in part, the use of assets protection structures”. 

“The Charging Orders Bill seeks to confer jurisdiction on the high court to make orders imposing a charge for securing the payment of monies due as the judgements or orders of the high court. Where under a judgement, or order of the court, where a debtor is required to pay a sum of money to a creditor, for the purpose of enforcing that judgment or order, the court may make an order in accordance with the provisions of this act imposing on any property as specified in the order charged for securing the payment of money due or to become due under the judgement or order,” he explained.’

The amended law will include any foreign court or arbitral tribunal and the charge may be imposed by a charging order only on “any interest held by a debtor in all or any portion of any property, or any asset or property held under any trust or any interest held by the person as trustee of a trust,” among others Aziz said.

Ministers happy for the new amendments 

Among the Ministers who spoke in support of the proceedings were Minister for Natural Resources, Labour and Immigration, Honourable Vincent O. Wheatley (R9) and Minister for Transportation, Works and Utilities Honourable Kye M. Rymer (R5).

Hon Wheatley said, “I must lend my support to this bill as we continue with our road to recovery. It is important that we go after every penny available to us, and this bill here allows us to do just that. We know we are faced with the drop off in financial services and now the coronavirus and our tourism might be challenged. So this bill here will allow us to bring in additional funds that we would otherwise not have access to.”

Minister Rymer said, “I too rise in support of this amendment. I know this is vital legislation that is needed. We understand the shortfall in our revenue, and this is timely, and it will be important for us as a Territory and I rise in support.”