Personal Property Securities Bill 2008 Update

On 19 March 2009, the Senate Legal & Constitutional Affairs Committee ("the Committee") tabled its report in the Senate on the Exposure Draft of the Personal Property Securities Bill 2008 ("PPS Bill").

The Committee recommended, among other things, that the Federal Attorney General's Department ("Department") delay the commencement of the scheme by at least 12 months to May 2011.

Background

Over the course of last year, we updated you on the progress of the draft PPS Bill, which was released on 16 May 2008 by the Federal Attorney-General. The PPS Bill is proposed to replace over 70 pieces of Commonwealth, State and Territory law and includes provisions relating to:

• the creation of valid security interests in personal property and priority of competing security interests in personal property;