Personal Property Securities Act

After a number of delays, the Personal Property Securities Act 2009 (PPSA) finally commenced operation on Monday 30 January 2012.

The PPSA represents a substantial reform of the way in which security interests are created, registered and enforced and will affect almost all businesses in Australia. These include individuals, corporations, partnerships and joint ventures which are involved in any of the following transactions:

• financing or lending;,
• buying or selling goods on credit or subject to a "retention of title" arrangement;
• creating, registering or discharging charges or other security interests;
• leasing or licensing arrangements (except arrangements involving real property); and