As widely expected, recommendations to defer the commencement date for Personal Property Securities (PPS) reform from May 2011 to October 2011 were formally endorsed at the February 2011 meeting of the Council of Australian Governments (COAG).
PPS reform introduces fundamental changes to the law of personal property, and is also designed to establish one central register (PPS Register) administered by the Commonwealth of Australia to cover all forms of security affecting personal property.
COAG’s endorsement of the deferment of PPS reform is in response to requests from industry for more time to transition processes and procedures.
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