In August 2014 the Federal Government released its preliminary report on the operation of the Personal Property Securities Act (the “PPSA”). This report will be followed in January 2015 with a final report on what changes, if any, should be made to the PPSA.
given the breadth of the PPSA’s criticisms it is difficult to know what final recommendations the statute’s reviewers will ultimately make. There is pressure to amend the PPSA to make it briefer and easier to understand, but this would be a lengthy and costly process in itself. And amending legislation can be complex in its own right.