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ARTICLE · 15 JUNE 2011

Personal Property Securities Update: The Countdown Begins

DLA Piper Australia
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Personal Property Securities Act 2009 (Cth) expected to commence in October this year - consideration of transition from the current law.

AustraliaCorporate/Commercial Law
David East
David East
Peter Faludi
Peter Faludi
Caroline Monks
Caroline Monks

With the Personal Property Securities Act 2009 (Cth) (PPSA) to commence in October this year (currently anticipated to be from 10 October 2011), there is a greater focus by all stakeholders to ensure that all processes are in place to provide for a smooth transition from the current law to the law under PPSA. The purpose of this update is to highlight various matters relevant to the smooth implementation of such transition from a secured party's perspective.

AMENDMENT ACT

As mentioned in our February Update, the Personal Property Securities (Corporations & Other Amendments) Bill 2011 (Bill) was tabled in Federal Parliament in February. The Bill has now been passed by both Houses of Parliament and received Royal Assent on 26 May 2011 (Amendment Act).

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