LawFlash

Australia Update: Personal Property Securities Act 2009

September 08, 2011

In our client alert, “Australian Secured Creditor and Insolvency Law: Sweeping Changes Under the New Personal Property Securities Regime,” circulated on January 4, 2011, Bingham discussed the impact of the Personal Property Securities Act 2009 (the “PPSA”) on the law governing security interests in personal property in Australia.

As foreshadowed in that article, the registration commencement date of the PPSA was deferred from May 2011 to October 31, 2011, to allow the Australian government further time to prepare for its implementation and the commencement of the new PPS Register. On September 2, 2011, the Commonwealth Attorney General announced the registration commencement date would again be delayed to a date on or before February 1, 2012.

Pursuant to Section 306 of the PPSA, the registration commencement date must be no later than February 1, 2012. Accordingly, in the event that the Australian government requires a further extension of time, it will be necessary for the Commonwealth parliament to pass an amendment to the PPSA after consultation with the State and Territory governments.

This article was originally published by Bingham McCutchen LLP.