In April 2014, the Australian Government announced a review of the Personal Property Securities Act 2009 (Cth) (“the Act). The interim report was delivered on 31 July 2014, focusing particularly on the impact of the Act on small businesses.
The overarching themes of the submissions made by small businesses were the unsatisfactory complexity of the Act and the Register itself, and the lack of awareness by many businesses of the implications of the Act. The focus of the interim report is in recommending Government action to support increased understanding of the Act, more than amendments to the legislation.
Submissions for the review have been closed, however consultation papers are being released on the:
- Reach of the Act (available online);
- Creation and perfection of security interests; taking free rules; priority rules; and other dealings in collateral (available online);
- Enforcement of security interests; Particular types of collateral; interaction with other legislation; miscellaneous provisions (released 17 October); and
- The register (released 31 October).
All entities interested in the operation of the Act (including small businesses) are invited to give feedback and comments online. The final report is due on 30 January 2015, and will take into consideration any feedback given by the specified closing dates, and make recommendations for improving (and where appropriate, simplifying) the Act.