Dear Valued Clients,
In our effort to keep you informed of the most recent regulations, we are pleased to send you this Client Alert.
On 25 February 2014, after a year of delay to fully implement the Inter-Ministerial Prakas concerning the Real Rights Registration Procedure Pertaining to the Civil Code Dated 29 January 2013 (“Prakas No. 30”), as published in our Client Alert on 26 July 2013, the Phnom Penh Municipal Department of Land Management Urban Planning Construction and Cadastre announced the implementation of the Prakas No. 30 effective from 15 March 2014 onward. As a result, security documents particularly the application form to be registered with the Land Office shall comply with the requirements of Prakas No. 30, which identifies compulsory information (i.e interest rate, principal amount, damages) as well as supporting documents needed for registration.
Prakas No. 30 impacts financial transactions since it implements procedures for the registration of multiple securities, registration of securities with varying secured amounts, and the change of the priority of registered securities.
If you have any questions or concerns regarding this Client Alert, please feel free to contact us.
Partner; Managing Director Cambodia
Senior Advisor, DFDL Cambodia