The Personal Property Securities Act 2009 was passed on 14 December 2009.
The legislation will implement a national online register to replace more than 70 commonwealth, state and territory registers used to regulate personal property used as security.
The Personal Property Securities Register commenced on 30 January 2012 and is administered by the Insolvency and Trustee Service Australia.
Personal property is any form of property other than land. It can include tangibles such cars, boats, machinery, livestock, crops and debtors; as well as intangibles such as shares, intellectual property, contract rights, licences and trademarks.
A personal property security is when a secured party takes an interest in personal property as security for a loan or other obligation, or enters into a transaction that involves the supply of secured finance.
The new national register is intended to better help Australian businesses and consumer ensure that property they buy doesn't have a security interest over it, to make secured financing more accessible and to lower transaction costs.
To learn about the impact of this legislation on businesses and individuals, including the impact on advising clients on risk management and asset protection:
- read the Commonwealth Government's Transition Period for Registers of Security Interests media release
- download the Changes to the Australian Securities and Investments Commission's Register of Company Charges fact sheet (PDF)
- download the Personal Property Securities Reform fact sheet (PDF) (which has been made available to CPA Australia members with the permission of Pitcher Partners)
- visit the government's personal property securities website, which provides:
- information sheets on personal property and securities interests
frequently asked questions - discussion papers which have been released for public consultation
- personal property securities register information
- personal property securities reform details
- information sheets on personal property and securities interests