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Building long-term integrity in the voluntary carbon market
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Global | Publication | May 13, 2016
On 9 May 2016, the security register under the Personal Property Security Act 2011 (PPSA) commenced operation in Papua New Guinea (PNG).
The PPSA was originally enacted in 2011, and is in many respects similar to the Australian Personal Property Securities Act 2009 (Cth) (AUS PPSA). However, there are key differences between the two pieces of legislation (some of which are highlighted below) and parties affected by the PPSA will need to obtain specialist advice.
The PPSA governs security interests over personal property, including priorities between competing security interests.
Personal property is essentially all property except land but some things are excluded such as certain mining tenements, certain oil and gas licences and rights of set-off. It covers not only tangible property (like motor vehicles, plant and equipment, crops and livestock), but also intangibles (such as intellectual property, contractual rights and shares).
The PPSA takes a functional approach to security interests and is expressed to apply to every transaction that in substance creates a ‘security interest’ without regard to its form and without regard to the person who had title to the collateral.
A ‘security interest’ under the PPSA is defined as:
The holder of a security interest affected by the PPSA will need to perfect it in accordance with the PPSA to ensure that it has the best possible priority position and to protect against the interests of third parties. Perfection will most commonly be achieved by registration on the Personal Property Security Registry. In some cases, it is also possible to perfect a security interest by taking possession of the collateral or by effecting control over the collateral in accordance with specific requirements set out in the PPSA.
A security interest may be affected by the PPSA where, for example, the debtor is located in PNG, the security interest covers property taken to be located in PNG or property which may move to PNG or the security interest arises under an agreement governed by PNG law.
Time limits for registration and transitional provisions are generally shorter than those provided for under the AUS PPSA. In particular:
Therefore those with existing security interests in PNG which fall within the new PPSA regime should attend to registration within the next 6 months (i.e. by 31 October 2016) to ensure their interests are duly perfected. Any interest taken after 4 May 2016 should be registered as soon as possible.
Some other key differences from the AUS PPSA to note include:
This alert is a summary of recent developments and does not constitute legal advice. If you have any queries please do not hesitate contact us.
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