Nifty tricks and common pitfalls of PPSR.
It will be hard for anyone to argue that the Personal
Properties Securities Act 2009 (PPSA) has delivered any
greater clarity for parties seeking appropriate security over
financial dealings and for insolvency practitioners navigating the
convoluted piece of legislation. The time, cost and resources still
spent by insolvency practitioners and secured parties arguing over
the legal interpretation is undoubtedly not what the legislatures
intended nor envisaged, but here we are, some seven years since
operation still without clear guidance on several issues around
security interests.
By no means is this a substantive list of all potential issues,
but rather a quick guide to some common areas that may be of
interest to those advising and dealing in this space.
