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ARTICLE · 31 MARCH 2011

Personal Property Securities Reforms coming soon

Pacific Legal Network
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The PPS reforms essentially change the law relating to how security interests are formed and enforced, how priority disputes are to be resolved where more than one security interest is given over the same property and when a security interest can be extinguished (against the wishes of the secured party).

AustraliaFinance and Banking
John Ridgway
John Ridgway

Since our article, "Personal Property Securities Reform in Australia" the start date for the upcoming personal property securities (PPS) reforms has been pushed back to October 2011. The PPS reforms are one of the most significant legislative reforms for Australian business for many years and are based on PPS legislation in the United States, Canada and New Zealand. The changes will not only affect financiers but also commercial entities and individuals that grant or take security interests in personal property. 

The PPS reforms essentially change the law relating to how security interests are formed and enforced, how priority disputes are to be resolved where more than one security interest is given over the same property and when a security interest can be extinguished (against the wishes of the secured party).

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