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ARTICLE · 27 NOVEMBER 2011

PPSA to commence on 30 January 2012

HopgoodGanim
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The Commonwealth Attorney-General has formally determined that the PPSA will come into effect on 30 January 2012.

AustraliaFinance and Banking
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By Paul Cullen, Partner and Daniel Pinti, Senior Associate

Even though the Government recently introduced a proposed amendment into Parliament to allow the commencement date of the Personal Property Securities Act 2009 (PPSA) to be extended, the Attorney-General has formally determined that the PPSA will come into effect on 30 January 2012.

Existing registered interests that are to be migrated to the PPS Register (such as company charges registered on the ASIC Register of Charges) will be migrated from 28 November 2011.

It is therefore essential that those businesses that may be affected by the operation of the PPSA are aware of what they need to do to protect themselves, and of the ramifications if they choose to do nothing.

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