Update: Personal Property Securities Act 2009 - introduction

The Attorney General's Department is currently analysing the results of user acceptance testing of the new Personal Property Securities Register (PPSR). Although it is possible that the scheduled implementation date of 31 October 2011 will be deferred, clients should contact us to ensure that they understand how the PPSA could affect their business. An announcement may be made as early as next week. We will keep clients informed.

PPSR credit applications now open

Insolvency and Trustee Service Australia (ITSA), the entity responsible for administering the PPSR, has released a credit account application form to use the PPSR. Users can also pre-pay or pay as they go, but those who will use the PPSR regularly may find it useful to open a credit account.

It is expected that applications received by 31 August 2011 will be processed before the PPSR becomes operational on or about 31 October 2011 - applications received after the commencement date will be processed within approximately 14 days.

The credit application form can be accessed on the PPSR website.

If you have any questions regarding the credit application, or the PPSA more generally, we recommend contacting us as soon as possible.

Author: Lachlan Currie, Cornwall Stodart