BDCB Collateral Registry : Brunei Darussalam Central Bank

Organization : Brunei Darussalam Central Bank (BDCB)
Facility : Collateral Registry
Country : Brunei
Website : https://www.bdcb.gov.bn/consumer/collateral-registry

What is Collateral Registry?

The Collateral Registry is a national electronic register that lists out security interests over personal properties, it flags that a secured party is claiming a security interest against the personal property of a debtor. The existence of the Collateral Registry in Brunei Darussalam aims to ease the access of credit to individuals and businesses, particularly the Micro, Small and Medium Enterprises (MSMEs) by enhancing their ability to leverage their personal properties (movable assets) as another alternative source of funding for their working capital.

Key Functions of Collateral Registry

The Collateral Registry:
** Enables the registration of a security interest by a creditor, which in turn is publically searchable; and
** Establishes priority between secured creditors.

How To Access Collateral Registry?

The Collateral Registry can be accessed here for the following purposes:

** Registration
** Renewal
** Amendment
** Search
** Discharge

Note:
** Public Search can be made for FREE without the need to be registered to the CRI
** Registration of your security interest is valid for 10 years for only $10
** You can extend the validity off your registrations before they expire, to make sure your protection is maintained.

How Much Does Each Function Cost?

Registration : BND10
Renewal : BND10
Amendment : BND10
Search : BND3
Discharge : Free

Benefits of Collateral Registry

** When buying goods, searching the register helps buyers make informed decisions because a quick check on the Collateral Registry will ascertain whether the same valuable goods are free from prior financial debt and safe from being repossessed.
** When issuing credit, selling on retention of title or consignment, or hiring or leasing of goods, properly registering your security interest can protect your interest should the debtor goes bankrupt or cannot pay you. If you have registered your security interest, you are in the best position to get your goods, or their value back.
** Registering your security interest into the CRS is optional. However, it is at your best interest to register. The law is there to protect you.
** If someone else registers their interest in the same collateral and you don’t, you could lose priority. Repossession of the Collateral by a party no longer ensures that you will get your interest back when the Debtor fails to pay his loan.
** There is clarity in priority between creditors in the same collateral.
** In the event that the Debtor fails to pay and you are a Secured Creditor, you may enforce your rights easily without going to Court.

Who is it for?

Lending Institutions:
Lending Institutions, such as banks and finance companies providing loans

Individuals:
Individuals who are about to purchase personal property such as valuable second hand goods, to make sure the property is free from competing security interests.

Businesses:
Businesses who sell personal property on credit, consignment, or on a retention of title arrangement.