On 30 January 2019, security interests which were originally registered on the Personal Property Securities Register (PPSR) upon the commencement of the Personal Property Securities Act 2009 (Cth) for a period of 7 years will expire.
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The serious consequences that follow a failure to comply with the Personal Property Securities Act 2009 (Cth) (PPSA) were highlighted in the recent decision of Ward CJ in Eq of the Supreme Court of New South Wales in Psyche Holdings Pty Limited[2018] NSWSC 1254 (Psyche Case)..
Read MoreWhat is a sale on a 'retention of title' basis?
It is a conditional sale. The supplier remains the owner of the goods being sold until the goods are paid for in full by the purchaser. This transaction is now deemed to be a secured transaction.
Read MoreThe Personal Property Securities Act 2009 (Cth) (PPSA) has been in effect for over 6 years, yet many businesses are still unaware of the existence and the wide-reaching impact of the PPSA.
Read MoreOn 19 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment Act) received Royal Assent and is now effective. The Amendment Act has changed the definition of a "PPS Lease" (PPS Lease) under the Personal Property Securities Act 2009 (Cth) (PPSA).
Read MoreAn update on on our previous article: 60 million reasons to perfect your security interest
The Full Court of the Supreme Court of NSW has rejected an appeal against the decision in Forge Group Power Pty Limited (in liquidation) (receivers and managers appointed) v General Electric International Inc NSWSC 52 (11 February 2016).
Read MoreThe growing jurisprudence in Australia in relation to the Personal Property Securities Act 2009 (Cth) (PPSA) has demonstrated, once again, how a defective registration on the Personal Property Securities Register (PPSR) can result in a security interest being unenforceable upon the grantor of that security interest becoming insolvent.
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