The Personal Property Securities Act 2009 (Cth)
("PPSA") will have a significant impact on the taking,
registration and enforcement of security over almost all kinds of
property, except land. The PPSA overturns fundamental property law
concepts including the long held concept of legal title. A complex
set of rules will now govern the enforceability of security
interests. The commencement date for the PPSA is 30 January 2012.
This guide briefly explains how the PPSA may affect your business
("you", "your") and what you
need to be doing now, with our assistance, in order to protect its
assets.
How the PPSA may affect you
- Fixed and floating charges – your
existing charges (both as chargee and chargor) registered with ASIC
will be "migrated" to the PPSA Register
("PPSR") – a single national internet-based
register available 24/7. The concept of fixed and floating charges
will be replaced under the PPSA by "security interests over
non-circulating assets" and
