Personal Property Securities
News
Submissions Invited
On 13 November 2008, the draft Personal Property Securities Bill 2008 was referred to the Senate Standing Committee on Legal and Constitutional Affairs for inquiry.
The PPS Exposure Draft Personal Property Securities Bill 2008 can be found on the downloads page.
Stakeholders are encouraged to participate in this further public examination of the draft Bill, to ensure that the new national system meets the needs of Australian businesses and consumers.
Information about the inquiry and how to make a submission can be accessed at the Committee’s website.
The Committee is due to report its recommendations on the draft Bill by 24 February 2009.
The Australian Government, in cooperation with the States and Territories, is pursuing reforms to Australia’s personal property securities (PPS) law and practice which will improve Australia’s business laws and to create a more competitive economy.
Personal property securities are interests in property (other than land) that are created or evidenced by an agreement that secures payment or performance of an obligation.
PPS reform has the capacity to minimise the inconsistencies and complexities that currently exist – in the laws around Australia and in the practices of the businesses involved with personal property securities.
Personal Property Security reform sets out to:
- Increase certainty
- Increase consistency
- Reduce complexity
- Reduce costs
More information on the reforms can be found on the Personal Property Securities Reform page.
