The commencement of the new Personal Property Securities regime
is just over 3 months away. It is essential that businesses
consider how the PPS regime will impact upon the way they do
business and to ensure they put in place systems to ensure
compliance with the laws.
The implications of this new regime will be far reaching for all
business,not just those in the finance sector. The definition of
"personal property" under the Act can be somewhat
deceptive and it is vital that business understand that the regime
will encompass securities over not only the typical consumer goods,
but a wide range of commercial goods.
The Act defines 'personal property' as 'property
other than land' with two particular exclusions being any right
that is granted under a commonwealth, State or Territory law and
anything particularly declared not to be personal property. This
definition will result in security interests taken over a very wide
range of both consumer and commercial
