New National Online Register for Securities over Personal
In December 2009 the Commonwealth government passed the Personal
Property Securities Act 2009 (Cth) (PPSA). In recognition of the
substantial changes to the regime for securing rights over personal
property, the PPSA does not commence until early next year. The
delayed commencement of the PPSA was designed to enable the
creation of the Personal Property Securities Register (PPSR) and to
facilitate changes to business practices.
The purpose of the PPSA is to:
replace numerous pieces of Commonwealth and State legislation
and registers by creating a single set of national rules governing
the validity, priorities, enforcement and extinguishment of
security interests in all personal property; and
establish a single national online register for securities over
personal property, the PPSR.
The PPSA will apply to a variety of current security interests
including personal property leases, stock mortgages, retention of
title rights, bills of sale, motor vehicle securities, company
charges and most other securities affecting tangible and intangible
personal property rights.
Existing registered interests will be migrated from existing
registers to the PPSR prior to the commencement of the PPSA. There
will also be a transition period for existing rights. However, new
rights must be registered under the PPSA.
As currently drafted the PPSA will commence on or about 1
February 2012. However the Federal parliament is currently
considering a bill that may defer that date.
Regardless of the possible change to the commencement date,
businesses affected by the PPSA should ensure that their agreements
and arrangements will be PPSA ready by early next year.
Watch this space for further updates.
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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