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ARTICLE · 14 OCTOBER 2011

The Personal Property Securities (Registration Commencement) Bill 2011

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Discusses the key changes to PPS legislation introduced in the PPS (Registration Commencement) Bill.

AustraliaFinance and Banking
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By Paul Cullent

The Personal Property Securities (Registration Commencement) Bill 2011 was introduced by the Commonwealth Government on 12 October 2011.

Here, partner Paul Cullen outlines the key changes the Bill introduces to the Personal Property Securities Act 2009 (PPSA).

Key takeaways

  • The Bill amends the definitions of "migration time" and "registration commencement time" in the PPSA so that the Attorney General can,in effect, allow the PPSA to commence later than the current, hard wired sunset dates in the original legislation. This date (in the case of the effective operation of the PPSA) is currently 1 February 2012.
  • The explanatory memorandum to the Bill says that this change will ensure the online registration system will be able to operate seamlessly. While it is still possible that the PPSA could commence earlier than 1 February 2012, this proposed legislation strongly suggests that it will actually commence later.

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