This month the Federal Government announced that it has requested a review of the Personal Property Securities Act 2009. The Act has been in operation for 2 years now, and will be reviewed to ensure that it is meeting its objectives.
The review will encompass
- The effects that the PPSA on
- Australian businesses, in particular small businesses; and
- Australian consumers; and
- The business finance market; and
- The consumer finance market.
- The general level of awareness and understanding of businesses (particularly small business) as to the operation of the PPSA
- Incidences of non-compliance by businesses
- Any opportunities to streamline the PPSA
- The scope and definition of personal property covered by the PPSA
- How the PPSA interacts with other legislation
- Any other relevant matters.
The review will involve the consultation of relevant stakeholders and an interim report will be presented by 31 July 2014. The full report will be completed by 30 January 2015.
For more information on the PPSA and the Personal Properties Securities Register (PPSR), you should visit this web page