Room to move on PPSR
The final commencement date of February 1, 2012, for the Personal Property Securities Register will be eliminated under changes to the law governing the register that were introduced into Parliament yesterday.Under the updated Personal Property Securities Act setting up the register, an earlier start date was possible, though, thanks to the unusual wording, no later start date was allowed.However, as reported over the last two months, preparations by the industry, and also within the Attorney-General's Department, for the PPSR have run into a number of late difficulties.A month ago, the department set a formal commencement date of January 30, 2012, the last Monday before the final date named in the existing bill.It's unclear how much demand there is in the industry for a further deferral of the start date, as the three-month delay announced in September may be sufficient to resolve the issues for many users of the new system. At this stage, January 30 seems likely to remain as the target date, with the amendment providing scope for a later date.