What is the PPSA?
The Personal Property Securities Act 2009 (Cth)
(PPSA) will provide a federal, streamlined
approach for dealing with security interests in personal property.
It will impact a broad spectrum of industries, including
construction.
The current target date for commencement of the PPSA is 31
October 2011. Accordingly, it is now timely for organisations to
consider the implications of the Act on their businesses and to
determine what action, if any, needs to be taken in anticipation of
the commencement of the new regime.
The PPSA sets up a register on which interested parties can
protect their security interests in personal property.
How does the PPSA work?
The PPSA regulates security interests in personal property,
which (generally speaking) is all property other than land and
fixtures, subject to some exclusions. An excavator, a lift intended
for installation and even intellectual property can all constitute
personal property.
