The Personal Property Securities (PPS) regime will bring together various Commonwealth, state and territory laws and registers regarding security interests in personal property under one national system.
The commencement date for the PPS reform was expected to be Monday 31 October 2011.
The Government determined that the commencement date of 31 October 2011 is now not achievable.
A new commencement date must be announced shortly by the Government.
The deferral of the commencement is not a reason to defer implementation of strategies to prepare your business for the PPS regime. It should be used as an opportunity to better prepare as 1 February 2012 is the last possible commencement date before the regime lapses.
In our opinion, the commencement date will be around the 1 February 2012 deadline.