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5 Sep 11
Personal Property Securities Act 2009 (Cth) - commencement postponed

Following on from our previous publication of 17 May 2011, the Attorney-General’s department has unofficially announced that the commencement time for the Personal Property Securities Act 2009 (Cth) (PPSA) will be postponed from 31 October 2011 to some time before February 2012. The exact commencement date is yet to be released.

In one sense the delay to the commencement date is welcome relief given that resource industry players are currently grappling with a variety of significant new legislative changes. In working closely with a number of resources clients to establish their PPSA implementation plans, it has become apparent that the task of preparing for the PPSA is not straightforward and for most resource companies, there are a number of key risks that need to be dealt with in advance of the PPSA regime commencement. In particular resource companies need to ensure that any security interests in relation non-PPSA property (e.g. mining or petroleum tenements) are appropriately secured prior to commencement. Following commencement, registration of securities over tenements only on the ASIC register of charges will be insufficient to protect security interests in tenements.

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.

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