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ARTICLE · 03 SEPTEMBER 2008

New System For Securities Over Assets

DLA Piper Australia
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After one of the longest gestation periods for any proposed law reform, Australia is now substantially down the track towards having a completely new system of creation, documentation, registration and enforcement of securities over assets.

AustraliaFinance and Banking
Tim Smyth
Tim Smyth
Peter Faludi
Peter Faludi

Personal Property Securities (PPS) law reform - the start of a new chapter in taking security.

After one of the longest gestation periods for any proposed law reform, Australia is now substantially down the track towards having a completely new system of creation, documentation, registration and enforcement of securities over assets (other than real estate) of both companies and natural persons.

On 16 May 2008, the Federal Attorney-General's Office released the consultation draft of the proposed Personal Property Securities Bill 2008 (Bill). Once passed into law, the proposed legislation will change the way in which all businesses take security over assets. There is a three month period for consultation on the draft Bill. The current timetable has the final Bill passing through the Commonwealth Parliament in 2009 with the new law commencing in May 2010. Due to Australia's federal system,

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