There has been much talk recently about the Personal Property Securities Act 2009 (Cth) (“PPSA”) and how this will affect the way that businesses protect their security interests in personal property.
Over the coming months we will provide you with a regular information series which is intended to highlight the key matters relating to the PPSA and the National Personal Property and Securities Register (“Register”).
The PPSA and the Register are intended to be effective from 1 October 2011* and will replace over seventy different pieces of legislation and current security registers.
Their purpose is to provide rules for the creation, extinguishment and enforcement of security interests in personal property and to determine priority between competing security interests.
If you deal with any of the following in your business then you will need to be aware of the way in which the PPSA affects you:
- Joint Venture Agreements
- Equipment Hire Agreements
- Retention of Title Arrangements
- Farm Ins and Farm Outs
- Co-mingling of Products
- Charges, Mortgages and Pledges
- Conditional Sale Agreements
- Hire Purchase Agreements
- Flawed Asset Arrangements
- Transfers of Accounts
- Consignor’s Interests
In our next update we will look at the key terms and concepts of the PPSA and provide you with an understanding of some of the PPSA related terminology that you may have heard about.
At Atkinson Vinden we understand the importance of your business becoming PPSA compliant. Please contact Senior Associate, Anne Goodrick on (02) 9411 4466 if you would like assistance in this area.
* The Commonwealth Attorney General has recently flagged the possibility that this start date may be pushed back until 31 October 2011 but this has not yet been confirmed.