02 9683 5999The Personal Property Securities Act (2009) (PPSA ) is due to commence in May 2011. Last month, Graeme Bellach from CIB attended a seminar presented by Partner, Nicholas Dale and Senior Associate, Gerald Carides of Gillis Delaney Lawyers on the effect of PPSA .
From May 2011 there will be one national PPS law and one National PPS Register. The PPS Register will allow lenders and businesses to register their security interests. Secured parties, buyers and other interested parties can search the PPS Register to find out if a security interest is registered over the personal property. PPSA will radically change the law relating to security over property other than land and the way those securities are protected and enforced. If you sell goods on retention of title or consignment or lease equipment and/or vehicles then PPSA will directly affect the way you do business. Various segments of the construction industry will also be impacted. Similar laws were passed in New Zealand about ten years ago and the experience there suggests businesses should start thinking about PPSA sooner rather than later. To help clients get ready in the coming months, CIB, in conjunction with Gillis Delaney intends to circulate a more detailed report in a future newsletter and will also host an industry-specific seminar on the effect of PPSA and what clients should do to get ready for May 2011. Please indicate your interest in this seminar to be held early in 2011 by contacting Krystina Wildman from our office.
