The Australian Attorney-General recently released a discussion paper for regulations to be made under the proposed Personal Property Securities Act. The regulations will set out provisions in relation to the registration and enforcement of a security over all types of property other than real property, such as motor vehicles, boats and other goods.
The proposed Personal Property Securities Act will bring Australia into line with similar pieces of legislation in other jurisdictions. From a lenders and creditors point of view, the proposed Personal Property Securities Act will provide a transparent registration, priority and enforcement system in relation to any security over personal property.
As such, lenders and creditors are advised to contact their legal providers to ensure that both their loan documentation and terms of trade are future-proofed in order to allow for the implementation of the proposed legislation.
Contact Paul Petersen for further information.