Commencement of Personal Property Securities Act 2009 postponed

13 September 2011

Personal Properties Reform (PPS) reform will introduce a national commercial law that will affect secured financing involving personal property. It will bring the different Commonwealth, State and Territory laws and registers regarding personal property security interests under one national system and introduce a single national online Personal Property Securities Register.

Partner Mark Madsen reports that the Attorney General, Robert McClelland recently announced that the commencement date for the Personal Property Securities Act 2009 (PPSA) has been further delayed to early 2012. The Attorney-General's department has determined that further testing of the PPS Register is required in order to ensure that the eventual implementation is as low risk as possible.

It should be noted that any extension beyond 1 February 2012 would require the Act to be passed again.

For more information, please contact:

Mark Madsen | Partner
Mullins Lawyers
t +61 7 3224 0241
f +61 7 3224 0333
mmadsen@mullinslaw.com.au