PPS start date announced

On 13 December 2011 it was announced that the PPS regime will commence on Monday, 30 January 2012.

Earlier reports of this commencement date were premature, because although certain determinations had been made, these determinations were subject to a final announcement by the AG's department. That announcement has now been made.

As a result, from Friday 27 January 2012 many registries will close and from Monday 30 January 2012 security interests will need to be registered on the Personal Property Security Register (PPSR).

Accordingly, it is timely for us to re-publish our practical guide which can be accessed here.

Obviously, lenders and equipment financiers are significantly affected. However, other businesses which sell goods on a retention of title basis are also impacted. Gadens Lawyers can provide cost-effective practical solutions for your business. Contact us today.

Key points

You may need to register security interests on the PPSR if you:

• take security over assets other than real estate;
• act as lessor in hire purchase agreements or lease agreements (completely new regime!);
• sell goods on a retention of title basis (another completely new regime!).

For more information, please contact:

This report does not comprise legal advice and neither Gadens Lawyers nor the authors accept any responsibility for it.