Statutory Review of the Personal Property Securities Act
The Personal Property Securities Register (PPSR) is the register where details of security interests in personal property (not real estate) can be registered and searched. A supplier of personal property can register their interest on the PPS Register to protect their right to repossess property if the customer fails to make appropriate payments. This can affect businesses that lease equipment, for example, including medical practices.
The main legislation governing the PPSR is the Personal Property Securities Act 2009 (the Act). The Government is now undertaking a review of the Act, to consider its operation and effects. The review will pay particular attention to the experience of small businesses.
An interim report is due by 31 July 2014 with recommendations on priority actions for the Government to consider, focussing on issues raised in relation to small businesses. The final report is due on 30 January 2015 and is expected to make recommendations on how to improve the Act.
The AMA encourages members affected by the PPSR and the Act to provide comments by email at email@example.com. Initial submissions relevant to small business are sought by 6 June 2014, with other submissions open until 25 July 2014.
Full details are available at the Attorney General’s website.