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ARTICLE · 06 SEPTEMBER 2011

Personal Property Securities Act - start date delayed to early 2012

Norton Rose Fulbright Australia
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Gives an update on the commencement date of the Personal Property Securities Act.

AustraliaFinance and Banking
Nino Di Bartolomeo
Nino Di Bartolomeo
Helen Fielder
Helen Fielder
Charlene Yuen
Charlene Yuen
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Introduction

This briefing follows our previous legal updates on the Personal Properties and Securities Act(Cth) 2009 (the PPSA) circulated to you on 08 September 2010, 17 February 2011 and July 2011.

PPSA will affect not just financiers. It will have an impact on a wide range of businesses.

Start date delayed

The proposed 31 October 2011 start date has been delayed.

On 2 September 2011 the Commonwealth Attorney General's department sent out a notification by email that the registration commencement time of the Personal Property Securities Act 2009 (PPSA) on 31 October 2011 is not achievable.

According to the notification, it is now targeting a date "before 1 February 2012". No specific start date has been announced.

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