On 12 October 2011 a new bill for the amendment to the Personal Property Securities Act 2009 (Act) was introduced into federal parliament (the Personal Property Securities Amendment (Registration Commencement) Bill 2011).
If this Bill is passed, and there is no reason to believe it will not be given the bipartisan support that the Act has received, then the amendments to be effected by the Bill will allow the Attorney General to nominate a date after 1 February 2012:
- for the commencement of the Act
- the date that data and register migration will take place.
The Act currently only allows for the Attorney General to nominate a date earlier than 1 February 2012.
The last announcement from the Attorney General's department was that the commencement date would again be delayed beyond 31 October 2011, but no date was set.
Click here to read the amendment bill and explanatory memorandum.
Stay tuned for an interview with Richard, outlining further detail about these changes, changes being effected by the Act generally, and the impact that the new Act will have on businesses.
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.
