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 and second consultation papers were published on 22 September 2014 (see our previous entry about this paper) and 3 October 2014 (see here).

third consultation paper was released on 17 October 2014. The paper considers issues regarding: 

  • the enforcement of security interests; 
  • the vesting of security interests on a grantor's insolvency; 
  • the interaction between the PPSA and other legislation; 
  • the governing law rules; 
  • other provisions in the PPSA; and 
  • the general layout of the PPSA, and related matters.

Comments on the paper are due by 28 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.