How the Personal Property Securities Act will affect Australian businesses

The Personal Property Securities Act 2009 (PPSA) will have a wide-ranging impact on Australian businesses. Because it will apply to most security interests in personal property, even businesses that have never had to register security interests before will now need to take care to protect their rights.

The Personal Property Securities Act 2009 (Cth) and the Personal Property Securities (Consequential Amendments) Act 2009 (Cth), which both received Royal Assent on 14 December 2009, will take effect from May 2011. While the PPSA will clearly affect all financiers, there are numerous other industries whose core business services will be regulated by the PPSA.

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