30 January, 2012
Legal News & Analysis – Australia
The Personal Property Securities Register opens for business today, and so the Personal Property Securities Act 2009 (PPSA) is now fully in force.
This means that:
(a) You will need to make sure that all new transactions properly protect your interests under PPSA;
(b) You may need to make registrations on the new register to protect your interests, and for company grantors new registration time limits apply;
(c) You need to review existing transactions to make sure all security interests that you want to protect are registered within the 2 year transitional period.
Even with two years of preparation time, some are still finding new problems as they come to grips with the legal and practical considerations of PPSA. If you have not yet made an assessment of how PPSA affects your business or particular transactions, then you should think about doing this now.
For further information, please contact:
Hal Bolitho, Partner, Mallesons Stephen Jaques
Nuncio D'Angelo, Partner, Mallesons Stephen Jaques