By Paul Cullent
The Personal Property Securities (Registration Commencement) Bill 2011 was introduced by the Commonwealth Government on 12 October 2011.
Here, partner Paul Cullen outlines the key changes the Bill introduces to the Personal Property Securities Act 2009 (PPSA).
Key takeaways
- The Bill amends the definitions of "migration time" and "registration commencement time" in the PPSA so that the Attorney General can,in effect, allow the PPSA to commence later than the current, hard wired sunset dates in the original legislation. This date (in the case of the effective operation of the PPSA) is currently 1 February 2012.
- The explanatory memorandum to the Bill says that this change will ensure the online registration system will be able to operate seamlessly. While it is still possible that the PPSA could commence earlier than 1 February 2012, this proposed legislation strongly suggests that it will actually commence later.
Where to from here?
We will need to wait for a further announcement from the Attorney General's office, but we can expect this before 31 December 2011, as an announcement must be made before that time if there is in fact to be an extension to the current sunset date. This timeframe also assumes that the Bill will be passed in its current form.
The possibility of yet another deferral of the commencement of the PPSA should not impact on the efforts of those who may be affected by it to be as prepared as possible, and to become fully aware of its ramifications on business.
We will continue to provide further updates as and when information comes to hand. For more information on the PPSA and its effect on your business= please see our previous Alert or contact HopgoodGanim's Banking and Finance practice.
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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.
