As the commencement date for the Australian personal
property securities ("PPS") regime quickly approaches
(see "
Brief guide to PPSA readiness"), Pacific Island countries
such as Vanuatu, Solomon Islands and Tonga ("Pacific PPS
Countries") already have in place PPS
legislation.
Whilst the regimes in the Pacific PPS Countries have their own
quirks and differences, common concepts and procedures underlie how
a party secures (and enforces) the performance of an obligation or
a payment by another party.
The following questions should be considered and addressed prior
to securing a payment or the performance of an obligation.
Is my transaction caught?
The PPS regime generally applies to all transactions which
secure an obligation with collateral (ie. personal property). The
regime provides for the creation and enforceability of security
interests in such property, which can include tangibles such as
cars, art, machinery and crops as well as intangibles such
