The AG’s department is well advanced in its very long and comprehensive review of the law reform options in relation to ‘personal property securities’. To wit, the three-stage submissions process having concluded last year, they have released draft legislation, with commentary and announced a series of information seminars. They invite submissions up until August, so you have time.
PPS refers to the giving of personal property (ie property other than land) as security for a debt. This is an extremely common commercial practice and one which is, imho, of enormous potential economic benefit and excessively complicated law. Hence the review!
The review has produced three discusssion papers, available here:
- PPS discussion paper 1 - registration and search issues
- PPS Discussion Paper 2 - Extinguishment, Priorities, Conflict of Laws, Enforcement, InsolvencyP
- PPS Discussion Paper 3 - Possessory Security Interests
The evening information seminars are to be as follows, and if you are in Sydney, and you care, well, you oughta known:
| Sydney | 26 May 2008 | Wesley Conference Centre, 220 Pitt Street |
| Melbourne | 27 May 2008 | The Hotel Windsor, 111 Spring Street |
| Perth | 28 May 2008 | Mercure Perth, 10 Irwin Street |
| Brisbane | 29 May 2008 | Eagle Street Conference Venue, 175 Eagle Street |
The AG’s PPS mini-site is quite comprehensive, and if you are interested in this area then I suggest you start there.
