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Banking and Finance Alert: Commencement of PPSA securities regime postponed again - 6 Sep 2011

The commencement of the securities regime established by the Personal Properties Securities Act 2009 (PPSA) is to be postponed again.

As outlined in our previous Alert, the regime was to commence in October 2011. While the Council of Australian Governments is yet to announce the revised commencement date, the regime can not commence later than the deadline set by the PPSA (1 February 2012) unless the PPSA is amended.

The PPSA expands the scope of what has historically been regarded as a security interest over personal property, and establishes a unified national system to regulate these interests. Businesses that have never had to register security interests before will now need to take care to protect their rights. For more information about how the PPSA may affect your business, please see our previous Alert.

We will continue to provide updates and commentary as new information comes to hand.

For more information, please contact HopgoodGanim's Banking and Finance team.