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 current target date for commencement of the PPSA is 31 October 2011. Accordingly, 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.