The knight in rusty armour
It seems hard to believe that as you read this, it will have
been around six and a half years since the Personal Properties
Securities Act 2009 (PPSA) was introduced in 2012. I recall in
the build-up to the launch of this new legislation statements being
touted such as "making security claims black and white",
"simplifying the law in regard to securities" and even as
far as "the biggest piece of legislation since the
introduction of the GST". So how far has the PPSA really gone
in achieving its goals and objectives, or is it not all it's
cracked up to be?
As an insolvency practitioner, I think the PPSA has succeeded in
creating more uncertainty and difficulty than ever seemed to exist
prior to its introduction. I have little doubt that it has also
succeeded in delivering substantial losses to financiers who before
the PPSA would have generally had little to worry about when an
insolvency practitioner was appointed. Before 2012, I
