As foreshadowed in Bruce Whittaker’s Interim Report on the Review of the Personal Property Securities Act 2009 released on 15 August 2014, a series of consultation papers will be released in connection with the review of the operation of the PPSA.
The first consultation paper was published on 22 September 2014 – see our previous entry about this paper here.
A second consultation paper was published on 3 October 2014. It looks at:
- the creation and perfection of security interests;
- the taking free rules;
- the priority rules; and
- other dealings in collateral.
The second consultation paper contains more than 50 proposed recommendations for amendment to the PPSA, including that a number of sections of the PPSA be deleted entirely.
This paper does not address issues relating to the Personal Property Securities Register, despite the Register playing a key role in the perfection of security interests. The Register will be the subject of a later paper, due for release on 31 October 2014 (the timetable for additional proposed consultations is available from the Attorney-General's website).
Submissions on the consultation paper are due by 14 November 2014, and Allens is intending to make a submission.
Second round submissions on the original review - including Allens' joint submission with four other law firms - have been published on the PPSA review website.