Publications / Finance
As widely anticipated following hints from the Attorney General in the media last week, the commencement date for the Personal Property Securities Act 2009 (PPSA) has been further delayed to early 2012.
In a release to key stakeholders, the Attorney General’s department cited the need for further testing of the PPS Register as the reason for the delay, so as to ensure that the eventual implementation is as low risk as possible.
Any extension beyond 1 February 2012 would mean that the PPS Act needs to be passed again, and the Attorney General’s department has committed to make the register publically available before then.
The scope of existing registers being migrated to the PPS Register has now also been reduced from 40 to almost half that number. Now, only those registers which provide for priority by registration will be migrated, such as the ASIC register of company charges, the Register of Encumbered Vehicles (REVS) and bill of sale registers in each state. Other existing security interests, such as those registered on the various IP Australia registers, will no longer be migrated and will require a new registration under the PPSA to be enforceable against third parties after the PPS commencement date. A full list of the registers being migrated is available on www.ppsr.gov.au.
This Alert covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. This Alert is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.