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Heinz and Partners - Ballarat Legal Firm, Family Law, Business Law, Litigation, Property Law, Financial Planning

Personal Properties Securities Reform

The Personal Property Securities Act 2009 will come into effect in October 2011. It will substantially alter notions of ownership and security over personal property (i.e property other than land).

The Act creates a new regime for the creation and registration of security interests over personal property, and sets out rules of priority between competing security interests over the same property.

The changes will affect fixed & floating charges, chattel mortgages, commercial consignments (including retention of title) and debt factoring arrangements. The new regime will replace over 40 registers with a single national register (Personal Property Securities Register).

Any business which supplies goods on credit should have their trading terms reviewed, and will need to alter its procedures, to have the best chance of recovering payment from customers.

Likewise, it will be important to consider the implication of security interests, and check the Register, in a much broader range of transactions than may previously have been the case.

For more information contact Luke Dunne on (03) 5331 2966 who will either personally attend to your needs or direct you to the appropriate person within the firm.