A delay to the start date for the new personal property securities system is now likely.
The Personal Property Securities Act 2009 (“PPSA”) currently provides that registration commences on 1 February 2012 or an earlier date determined by the Minister. This will be amended to permit a later start date. This amendment is contained in the Personal Property Securities Amendment (Registration Commencement) Bill 2011, introduced 12 October 2011.
The same flexibility applies to the migration of existing registered security interests, which is intended to start one month before registration commences. Stay tuned for the government’s further announcement on start dates.