Personal Property Securities reform

2 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.