There are 2 developments for those with an interest in the Personal Property Securities Act, 2009 (Cth) the PPSA.
First, I gave a talk to the Law Institute last week in Mildura about the PPSA and how it is tracking. Copies of the talk are available for anyone who is interested.
Secondly, the PPS Register has issued a fact sheet entitled: "Building and Construction: What you should know about the PPSR". See: http://www.ppsr.gov.au/AsktheRegistrar/FactSheets/Document/Building%20and%20construction.pdf
Among other matters, the fact sheet points out that companies and small business owners operating in the building and construction industry will need to review their credit and risk management practices in consideration of the PPSA.
It notes that the PPSA may affect business practices and documentation requirements concerned with secured finance.
The fact sheet warns that your business may be affected if, for example, you:
• supply goods on credit under retention of title arrangements
• use equipment leases
• provide fleet management services, and/or
• provide fleet rental services.
It highlights that by using the Personal Property Securities Register, businesses can protect their position in the event of debtor default or insolvency.
The fact sheet provides a timely reminder to all businesses that the 2 year transition period is passing quickly, and steps need to be taken to ensure compliance with the PPSA before it is too late.