The Council of Australian Governments (COAG) this week announced that it had agreed to defer the commencement date for Personal Property Securities (PPS) reform from May 2011 to October 2011 in response to requests from industry to enable more time to prepare for changes.
Given the widespread implications of the Act on those who take security over personal property such as equipment under leases, hire arrangements or conditional sale agreements, the extended implementation date is a real bonus. If you wish to become familiar with the Act and its implications for your business, contact us to discuss a tailored presentation to you and your staff.