PPS commencement looks set to be deferred

Today the Attorney-General has introduced a Bill to Parliament amending the Personal Property Securities Act 2009 (Cth) to allow the Personal Property Securities (PPS) system to commence at a date to be determined by the Attorney-General.

Currently, the legislation provides for a default commencement date of 1 February 2012. The PPS system was due to commence in October this year, but as previously reported, a need for further testing of the PPS Register has resulted in delays. If Parliament passes the Bill amending the legislation, it will allow the Attorney-General to set a commencement date after 1 February 2012 if it proves necessary.

The Attorney-General's Department has stated that it remains committed to implementing the PPS system as soon as possible, but that complete functionality of the system needs to be ensured.

We will keep you updated about the passage of this Bill and any other PPS developments.