Wednesday, 26 October 2011

Personal Property Securities start date may be deferred again!

Further to my previous posts about the Personal Property Securities Act start date (4 September 2011 and 28 September 2011), the Federal Government introduced legislation into Parliament on 12 October 2011 which allows the start date to be further delayed.

The Personal Property Securities Register states that: "The purpose of the Bill is to assist in managing any risks which may arise approaching the implementation date and to remove the default commencement date of 1 February 2012."

The Bill achieves this purpose by amending the definitions of 'migration time' and 'registration commencement' time to allow the Commonwealth Attorney-General to determine a time other than the automic times set out in the Personal Property Securities Act.

At the moment, a further announcement is expected before Christmas 2011 about whether the start of the scheme will be further delayed.

W G Stark
Hayden Starke Chambers

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