Due to significant issues with the IT system identified during
user acceptance testing the planned commencement of the PPSR on 31
October 2011 has been delayed.
Further testing is now expected to conclude mid November, and if
at that time there is sufficient confidence in the system, the
Attorney-General will decide upon the commencement of the new
The PPS Act provides that the registration commencement
date is 1 February 2012, unless an earlier date is determined by
It is expected that PPSR will commence in January 2012, with the
exact date to be determined then, if the legislation is not amended
in the current sittings of Federal Parliament.
What does this mean to you?
The delay in commencement gives you more time to prepare for the
implementation of the new provisions. However, we recommend you
don't leave it too long. Hunt & Hunt can assist you in the
Training of staff - we can come to your business to present on
the topic or provide advice by telephone or email as and when
Internal due diligence to locate existing securities and other
arrangements such as sales on retention of title and consignment
which will be deemed securities under the PPSR
Setting up your secured party groups and registration of
Reviewing your various supply and credit agreements to ensure
you take advantage where possible of opting out provisions, so that
you have the right to register your security in the PPSR and that
you can pass on any costs of registration of your securities.
We will provide you with further updates and developments as
they occur and look forward to working with you to ensure a smooth
transition to the PPSR for your business.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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