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PPSA – Transitional Period Warning

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By Michael Nibaldi, Lawyer, MST Lawyers 

As we discussed in an article last month, the Personal Property Securities Act 2009 (Cth) (“PPSA”) transitional period is coming to a close.

There are two very important reasons to register a security interest on the Personal Property Securities Register before the transitional period ends:

  1. After 31 January 2014, the temporary ‘registration’ that applied to unregistered security interests that existed prior to the introduction of the PPSA will no longer apply; and
  2. Failing to register a security interest may result in you losing priority of repayment to another creditor and/or the transfer of ownership of your personal property to the person who granted you the security interest over that property.

If you require any more information, or if you have any questions, please contact our Corporate Advisory team on (03) 8540 0200 or email the author of this article Michael Nibaldi.