Opinion

September 25,2014

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Australia’s PPSA causes international ructions

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In February 2014 the ANZ bank appointed receivers to one of its mining services customers, the Forge Group. About $300 million was owed to the ANZ and some asset insurers, substantially in connection with leased equipment which had been financed by the bank and the insurers. The Forge group is now in liquidation. Part of (Read More…)

August 20,2014

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PPSA statutory review – preliminary report

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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. Rationale of PPSA: The basis of the PPSA is that ownership (Read More…)

January 22,2014

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Opportunity ends for grandfathering of PPSA security interests

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On 31st January 2014, the 2 year window of opportunity ends for holders of security interests in personal property. If you own goods or things in the possession of others this affects you. Following that date, the completed or ‘perfected’ status of security interests in personal property – things like cars & trucks, inventory, plant (Read More…)