Key Point
- Changes to personal property securities law will affect the way
businesses, small and large, operate.
The exposure draft of the Personal Property Securities Bill 2008
(PPS Bill) was referred to the Senate Standing Committee on Legal
and Constitutional Affairs this week. This brings the proposed
wide-ranging reforms of personal property securities law a
significant step closer to implementation, which will have an
impact on the way businesses, small and large, operate.
A primary aim of the PPS Bill is to introduce one national
system to regulate the registration of security interests over any
property other than real property. The reform is non-political. The
current federal government, as was the previous Liberal government,
is fond of noting that the new legislation will replace over 70
separate federal, state and territory registration regimes with one
online system. It truly will decrease red tape.
