Personal Property Security Act

NEW LEGISLATION AFFECTS ALL BUSINESSES-JANUARY 2012

Personal Property Security Act (“PPSA”): the new national Personal Properties

Securities Register scheduled as operative from 30 January 2012

PPSA is a new regime for creating, recording, registering and enforcing security  interests in Australia: this covers all property other than real estate and applies to anyone who acquires such property ie. not just a company but also individuals, partnerships and trusts.

PPSA affects not just financiers and lenders but probably every business and person as it covers the following common situations:

  • businesses which obtain finance ;
  • businesses that supply or acquire goods on credit including under consignment¬†or retention of title terms ;
  • businesses that supply or acquire goods under lease or licences eg. car ;
  • anyone who acquires personal property.