The PPSA and the PPS Register have now been in effect for six
months.
Anyone who has been involved in the searching of the PPS
Register or undertaking registrations on it will be aware that
there have been significant teething problems associated with the
Register. Although the main problems have now been largely
resolved, issues still remain.
In addition, a number of issues or scenarios have been
identified by businesses impacted by the PPSA which have required
considerable analysis of the PPSA and the PPS Regulations to
determine their consequences. It is clear that despite the
significant detail contained in the PPSA (and the intention to have
it provide a comprehensive and complete code that can be used to
determine the outcome of a multitude of different circumstances
involving security over personal property), the number of issues
that continue to remain unclear highlight the difficulty of such an
approach.
