DELAY: Personal Property Securities Act 2009

The Personal Property Securities Act 2009 was passed on 14 December 2009 and was to commence on 1 February 2011, however the Attorney General's Department has advised there will be a delay with regards to the commencement of the Act, and it should commence in 'early 2012'. The delay may cause some problems to businesses especially given that there is no clear commencement date. The new Act will introduce a single national register to replace the existing 40 registers and will provide uniform rules for all security interest in personal property. It will introduce rules that govern how security interests are created and enforced and rules which determine priority between competing interests.