Does the Personal Property Securities Act 2009 Apply to You? A Cornwall Stodart Questionnaire

The Personal Property Securities Act 2009 (Cth) (PPSA) is set to commence in May 2011. The PPSA is a new 'one stop shop' regulating the creation and enforcement of security interests in personal property.

It is one of the most significant changes to business law we have seen in a very long time and will leave its mark on the way that customers, manufacturers, retailers, suppliers, banks and financiers do business. Those affected will be required to reassess their existing and future arrangements for taking security over personal property, prepare new policies, redraft contracts and identify transactions that will now be regulated under the PPSA.

Throughout the second half of 2010, Cornwall Stodart has been giving presentations to clients about what the PPSA will mean for them.

As part of our ongoing information campaign, Cornwall Stodart has prepared an indicative questionnaire to help you assess whether the PPSA will apply to you.

If you answer 'Yes' to any question, we recommend you consult us as soon as possible for more detailed and specific advice.

The questionnaire is not an exhaustive one, so please contact us if none of the questions apply to you but you wish to know more about the PPSA.

For more information, please contact:

Ian Sinclair, Partner

Phone (direct):  +61 3 9608 2166

Email:                 i.sinclair@cornwalls.com.au

or

John Hutchings, Chairman of Partners

Phone (direct):  +61 3 9608 2245

Email:                 j.hutchings@cornwalls.com.au.