The Australian Government has released its proposed legislative response to the recommendations of the Final Report of the 2015 Statutory Review of the Personal Property Securities Act 2009 (the Whittaker Review).

The overarching objective of the reforms is to simplify the personal property securities framework to make it easier for users to engage with, providing clearer, more accessible rules for the granting, validity and enforcement of security interests in personal property.

The Whittaker Review made 394 recommendations. The government’s response to these recommendations includes amendments to the Personal Property Securities Act 2009 (PPS Act) and new PPS Regulations.

The Government proposes to accept 345 recommendations made by the Whittaker Review.

The Amendment Bill also includes amendments relating to nine recommendations that the
Government proposes to not accept, but where the scope or policy intent of the provision has been clarified.

It has rejected 29 recommendations and 11 have been classified as redundant or previously addressed.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.