The Personal Property Securities Act 2009 ("Act") will dramatically affect all suppliers lease) of goods, equipment, inventory and many loans, as explained by Paul Kirton. When going to press, commencement had just been delayed again from 31 October, and a new start date was imminent - it is likely to start on or before 31 January, 2012. The Act will replace more than 70 Commonwealth, State and Territory Acts with a single national law supported by a single national online system for registering interests in personal property securities (PPS). The Act applies to all 'security interests' over personal property (not Land). Under the new law, manufacturers and suppliers will need to take additional steps if they want to protect their interests in goods, particularly against third parties, banks and receivers/liquidators.
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