Commonwealth Personal Property Securities Act, 2012 (“PPSA”)
Attention is drawn to the new regime of personal property security under PPSA.
This introduces significant changes to the current law and practice in relation to personal property securities including the registration of securities in respect of ships.
Clients involved in lending, hiring or otherwise dealing with personal property including ships need to be aware that they may be affected by this new legislation.
At the moment the registration commencement time for the Personal Property Securities Act will be Monday 30th January, 2012.