Co-Authored By: Dr. Marek Dubovec, SJD, LLM, NatLaw Senior Research Attorney and Cyprian Kambili LLB Hons, LLM, Legal Specialist at the Ministry of Industry and Trade, Lilongwe, Malawi. This book examines the Malawian Personal Property Security Act (PPSA) of 2013 that is based on the United Nations Commission of International Trade Law’s Legislative Guide on Secured Transactions.
The book is available for free download directly from PULP Publishing here.
About the Publication:
This book examines the Malawian Personal Property Security Act (PPSA) of 2013 that is based on the United Nations Commission of International Trade Law’s Legislative Guide on Secured Transactions. The PPSA is the first of its kind in Africa but there are several countries, including Ghana, Kenya, Liberia, South Sudan and Zambia that are in the process of undertaking similar reforms. One of the authors is directly involved as a consultant to the International Finance Corporation of the World Bank Group in all of these countries. Secured transactions have already become an important area of law introducing new concepts for the legal profession, lenders and borrowers in Africa. The book provides commentaries on individual sections of the PPSA that include practical examples, hypotheticals, illustrations of lending practices, relevant scholarly writings, and case law from the jurisdictions that inspired this reform, including Australia, Canada, New Zealand and the United States. This book seeks to provide an easy to read guide that is accessible to lawyers, judges and creditors who will use the law on a daily basis but also to foreign policymakers considering a similar reform. The IFC is about to launch a reform initiative of this kind in South Africa.
By: Kalekeni Kaphale, Attorney General, Lilongwe, Malawi
This remarkable work offers a rare, broad and comprehensive examination of the law relating to secured transactions in Malawi. It comes at the right moment as it focuses on the newly enacted Personal Property Security Act. The authors have succeeded in covering an impressive number of intricate legal questions on the subject with great ease and clarity. The book brings together topics that frequently raise problems in this area of law but which are rarely analysed together and it enriches the perspectives of the reader with a lot of cross -jurisdictional references. It is a’ must have’ for lenders, borrowers and their respective legal advisors. It is also a useful eye opener on the subject for the discerning law student.
By: Dr. Orkun Akseli Durham, University Law School, UK
Modernisation of law or law reform in the area of Personal Property Security Law has always been thought as a romantic and an abstract goal. The recent reform in Malawi in this field is a good example of how modernisation of law can be achieved. This book does an excellent job in picking out the principal issues in and challenges associated with the law reform in the area of Personal Property Security Law by an insightful and incisive analysis of the emerging policy questions in Malawian Law.
By: Spyridon V Bazinas, Senior Legal Officer, International Trade Law Division, Office of Legal Affairs (UNCITRAL Secretariat)
This book offers clear and concise commentary on the Malawian law of secured transactions – the Personal Property Security Act (PPSA). It explains the fundamental concepts underlying the PPSA, such as that of unitary and functional security interest, illustrates the application of its provisions in hypothetical situations, references similar laws in Australia, Canada, New Zealand and the United States and overall provides useful guidance to the users. It is unique in that it provides insights into the drafting of the PPSA itself in which both authors were actively involved. In view of the fact that the PPSA of Malawi implements to a large extent the recommendations of the UNCITRAL Legislative Guide on Secured Transactions, the authors included numerous references to the relevant recommendations of the Guide and its commentaries to direct the user to an invaluable source for further guidance and interpretation. So, this book is yet another testament of the growing influence of the UNCITRAL Legislative Guide on Secured Transactions on both the drafting of secured transactions legislation and its interpretation. This book will not only provide indispensable guidance to the users of the Malawian PPSA but could become an important tool in the implementation of similar reforms in the Sub-Saharan African countries that have already undertaken or contemplate PPSA-like reforms.