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.
A 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.