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Personal Property Securities reform2 April, 2009
The Senate Committee inquiring into the Exposure Draft of the Commonwealth Personal Property Securities Bill reported back on 19 March with the following recommendations:
- introduction of the Bill is to be deferred until at least May 2011;
- the language and structure of the Bill is to be simplified;
- further consultation with industry and the legal profession is required.
The Bill aims to make personal property a more accessible and cost effective as a form of security.