We have been advised today that ‘….the Attorney-General’s Department announced that the PPS regime will actually commence on 30 January 2012.
As a consequence many (state) registries will close and security interests will need to be registered on the Personal Property Security Register (PPSR) from 30 January 2012….’
Examples of the type of property covered by the Personal Property Securities Act 2009 (PPSA) are:
– cars, ships, planes, mining equipment, farm machinery;
– growing crops;
– Intellectual Property (IP);
– contractual and other rights;
– debts; and
– shares, units, debt securities.
There is about two (2) years to migrate assets over but it is important to have a strategy in place now and to start.
NB All goods under finance at the time of the new register starting will be transferred to this registere by the relevant financiers.
