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.