During the 2 year transition period to the PPSR, secured parties have enjoyed “temporary perfection” for their TSI without the need to register on the PPSR. That transition period expires at midnight on 31 January 2014.
Many lessons have been learnt since the introduction of the PPSA on 30 January 2012 – particularly, in an insolvency context with the collapse of WOW Sight and Sound (for consumers/small businesses) and Hastie Group (for insolvency practitioners).
We have been living with the Personal Property Securities Act 2009 (Cth) (PPSA) for just over a year now and we have seen the profound impact it can have on all types of businesses.
The property sector has not escaped the effects of this legislation and there are a number of important pointers you should be aware of in regards to your real estate security interests that could save you from losing rights to your personal property.
Although much has been published on the importance of registering your security interests on the PPSR and on the major impacts the PPSA could have on your business, for many companies this significance is not sinking in.
Given the time the new legislation has been in force, it is timely to review your business to ensure compliance with PPSR and PPSA requirements in 2013.
The PPSA, which came into effect on 31 January 2012, has introduced radical changes to the rights of creditors and suppliers. One of these changes was to allow suppliers to register “retentions of title” on the Personal Property Securities Register (PPSR) in relation to stock that they supply. The upside to the PPSR is that […]
The Attorney-General has announced that the Registration Commencement Time for the Personal Property Securities Act (“PPSA”) will be 30 January, 2012. Under the PPSA, all securities, including some that are not currently registrable (such as retention of title clauses) will have to be registered on the online Personal Property Securities Register to ensure your interests are protected.