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ARTICLE · 29 JUNE 2009

Personal Property Securities Reform Update

Clayton Utz
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Many of you will recall that in previous Alerts we have advised you regarding the proposed adoption of wide ranging reforms to personal property securities law in Australia.

AustraliaGovernment, Public Sector
Angela Flannery
Angela Flannery
Catherine Lee
Catherine Lee
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Many of you will recall that in previous Alerts we have advised you regarding the proposed adoption of wide ranging reforms to personal property securities law in Australia.

In order for the Commonwealth Government to pass its proposed personal property securities legislation, it needs the States to refer certain powers to it. New South Wales has been the first State to pass the necessary referral legislation, with the Personal Property Securities (Commonwealth Powers) Act 2009 being passed yesterday. That Act is now awaiting assent. When that Act receives assent, the Commonwealth Parliament may pass its legislation without waiting for any other State to pass referral legislation. At this stage, we do not know the timing for the other States to introduce the referral legislation or for the Commonwealth to introduce the substantive PPS legislation.

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