Frustrated at how long it takes and how much it costs to agree
the Personal Property Securities Act (PPSA) clauses in
Australian security documents?
The good news is that a solution has been found to introduce
some consistency into the process.
The bad news is, it depends which Australian law firm
you use.
Cutting a track through the regulatory bush
Since the PPSA came into effect in Australia in January 2012,
different law firms have approached its application differently,
and sometimes those differences have been significant and very
wide-reaching.
But now five of the internationals with a presence in Australia
- Allens, Ashurst, Herbert Smith Freehills, King & Wood
Mallesons and Norton Rose – have got together and developed
a set of model PPSA provisions, including suggested clauses and
associated definitions.
