It looks like the Personal Property Securities Act is set to be delayed until after 1 February 2012. Two days ago, the Attorney-General introduced a Bill to Parliament designed to give him flexibility to further delay the registration commencement date for the Personal Property Securities regime.
The Bill, which is aptly named the Personal Property Securities Amendment (Registration Commencement) Bill 2011, will amend the Personal Property Securities Act 2009 to enable the Personal Property Securities regime to commence at a date to be determined by the Attorney General.
The Attorney-General’s Department has confirmed that they are still working towards registration commencement on the 30 January 2012. However, the Explanatory Memorandum for the Bill reveals that the Attorney-General is concerned that the online Personal Property Securities Register may not be ready in time for the end of January. The Personal Property Securities Register still needs further testing, plus data migration and preparatory registration activities need to be undertaken prior to launch. As mentioned previously, that is a lot of work to accomplish before the end of January, particularly given that the Christmas/New Year holiday period is fast approaching. We will keep you updated on the progress of the Bill through Parliament and other PPS developments through this page as well as through our Facebook and Twitter feeds.