Commencement Delayed Again

What is the PPSA?

The Personal Property Securities Act 2009 (Cth) (PPSA) will provide a federal, streamlined approach for dealing with security interests in personal property. It will impact a broad spectrum of industries, including construction.

The anticipated date for commencement of the PPSA was to be 31 October 2011.

In what must surely be a major embarrassment for the Federal government and certainly a significant burden on business, it has been confirmed that the new Australian national personal property securities regime will not be starting on 31 October as had been announced.

Commencement will now probably be deferred until at least 30 January 2012, although an official statement has not yet been released.

Nevertheless, it is now timely for organisations to consider the implications of the Act on their businesses and to determine what action, if any, needs to be taken in anticipation of the commencement of the new regime.

The PPSA sets up a register on which interested parties can protect their security interests in personal property.

To find out how the PPSA works and how it applies to the construction industry NECA SA members can simply login. Alternatively, if you are not a NECA member and would like to find out about the Benefits of Membership simply contact NECA SA on (08) 8272 2966.