On 22 September 2023, the Federal Government finally
gave its comprehensive response to the Whittaker Review of 2015 in
the Personal Property Securities Act 2009 ('PPSA') by
issuing an exposure draft of the proposed Personal Property
Securities Amendment (Framework Reform) Bill 2023.
The proposed Bill comes after some initial changes to the
legislation were made in 2015 and 2017 and follows a consultation
process with industry sectors, as well as States and Territories
offices.
The exposure draft of the Bill is currently in its public
consultation period, with the period for making submissions set to
conclude on 17 November 2023.
What does the Bill propose?
At this time, the Government is proposing to accept 345 of the
394 recommendations made by the Whittaker Review.
