Outline of the Personal Property Securities Act 2009 (Cth)

McGill, Denise (2012) Outline of the Personal Property Securities Act 2009 (Cth). In Queensland District Court Judges Conference , 6 August 2012, Brisbane, QLD. (Unpublished)

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Abstract

Australia has new national legislation - the Personal Property Securities Act 2009 (Cth) and the Personal Property Securities Regulations 2010 – which commenced operation on 30 January 2012.

The policy objectives of the new legislation are to increase certainty and consistency and to reduce complexity and cost. To achieve this, the legislation treats like transactions alike, by focusing on substance over form, and so removes distinctions between security interests which have been based on their structure. Differences based on the location or nature of the secured property and the debtor’s legal form, as an individual or company, have also disappeared. We now have one single national scheme and one national electronic registration system for all security interests throughout Australia. The Act applies to security interests in tangible and intangible personal property, including those based on some form of title retention which are not security interests under the general law. This legislation rationalises previous laws and bring about substantial changes to this area of law. This paper seeks to explain the principal changes and their implications.

Impact and interest:

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ID Code: 56711
Item Type: Conference Paper
Refereed: No
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Current > Research Centres > Law and Justice Research Centre
Current > Schools > School of Law
Copyright Owner: Copyright 2012 Denise McGill
Deposited On: 30 Jan 2013 04:02
Last Modified: 01 Feb 2013 23:30

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