Australian law governing security interests in personal property will undergo major change following the commencement of the Personal Property Securities Act 2009 (the “PPSA”) later this year. Australia currently has more than 70 varying Commonwealth, State and Territory legislative instruments dealing with the creation of security interests over personal property. The PPSA, combined with the new national PPS Register (the “Register”), will effectively replace the existing legislation and the multitude of related security registers, creating a unified and streamlined national personal property securities regime in Australia. An understanding of the PPSA and the operation of the Register is essential for all financiers, secured investors, suppliers and insolvency practitioners dealing with Australian personal property. Some of the key changes are summarized below.Read more
