Council of Australian Governments (COAG) Approves October 2011 Go Live date for PPS Register.
At their meeting on Sunday 13 February, the Council of Australian Governments agreed to defer the commencement date for PPS reform to October 2011.
Further information will be posted to www.ppsr.gov.au once available.
PPS Regulations And the Explanatory Statement to the PPS Regulations
The Personal Property Securities Act 2009 (Cth) Regulations were released in Friday 26 November 2010. The Regulations inform the operation of the new PPS regime and clarify issues arising from the introduction of the PPS Register.
An Explanatory Statement was released with the PPS Regulations which provides further information as to how the PPS Regulations are to be applied and contains useful examples.
Links:
Australian Government, Attorney-General's Department PPS Reform
Personal Property Securities Register (www.ppsr.gov.au)
Application
Commercial and Consumer credit relating to the supply of goods (tangible and intangible)
Scope
Creation of new accounts, maintenance of existing accounts and termination of account. Also resulted in amendments to the Corporations Act.
Status
Received royal assent, regulations yet to be released.
Effective
October 2011
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