The first of four review papers considering the operation of the Personal Property Securities Act (“PPSR“) is now open for comments, with the remaining three papers to be released to the eager insolvency community over October 2014.

The first paper, titled “Reach of the Act” considers matters including the definition of “security interest” and whether this requires a proprietary interest in personal property, whether leases of personal property should give rise to security interests and also the definition of “account” and whether the legal transfer of accounts should give rise to security interests.

Comments in response to the first paper close 3 November 2014.  A template for comments is available here.

The next paper considering the PPSR is titled “Creation and perfection of security interests; dealings in collateral; priority and taking free rules” and is due for release on 3 October 2014.

For more information please contact Daren Anderson.