On the 4th of April, the Federal Government announced a review into the Personal Property Securities Act 2009 (PPSA).
The review will take into account the operation and effects of the PPSA, with a particular focus on small business. The review is part of the Federal Government’s plans to reduce red tape and regulatory and administrative burdens placed upon small businesses, and maximising the efficiencies of the PPSA, including the Personal Property Securities Register and its use.
Bruce Whittaker, a partner with law firm Ashurst, will be leading the review. Submissions relating to issues particular to small business are now being accepted until 6th June 2014. These will support an interim report which will be released on 31 July 2014, containing a number of priority actions for the Government based upon issues already raised by small business.
Submissions on all other issues are welcomed until the 25th July 2014. The final report is due to be released on 30 January 2015, and will provide a number of recommendations on how to improve the efficiencies of the PPSA and simplify processes where appropriate.
If you would like more information on the PPSA, please contact one of SV Partners expert advisors on 1800 246 801.
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