On 12 October 2011, the Government introduced the Personal Property Securities (Registration Commencement) Bill 2011.
The Bill amends the definitions of migration time and registration commencement time so that the Attorney-General (as the relevant Minister under the PPS Act) may determine a time other than the automatic times in the PPS Act.
If the Minister does not make a determination, the migration time will be the first day of the month which is 25 months after the month in which the Act received the Royal Assent, and the registration commencement time will be the first day of the month which is 26 months after the month in which the Act received the Royal Assent. The Act received the Royal Assent on 14 December 2009, which means the migration time and the registration commencement time must be no later than 1 January 2012 and 1 February 2012, respectively. However, the Bill now allows the Minister to determine a commencement time which is later than the current default times. Any decision to determine the commencement date to be after 1 February 2012 will need to be made before that date.
The explanatory memorandum states that the online register is a significant component of the new PPS reforms and it is not possible for the PPS Act to continue operating without the online system. The ability to determine the commencement of PPS reform is required to manage the risks that issues might arise with the online system in the few weeks before the times prescribed in the Act.
We will continue to keep you updated as to the commencement date of these important reforms.
The Bill is available here
The explanatory memorandum for the Bill is available here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
