It’s an interesting question whether the Personal Property Security Act, in defining ‘security interest’, is creating a new species of property, or whether the term is simply used to describe a range of traditional security and other interests A comment by Robb J in the NSW Supreme Court decision Photios v Cussen [2015] NSWSC 336 comes down […]
The Victorian Law Reform Commission recommends creation of an ‘oppression’ remedy for beneficiaries of trading trusts. Where a business is conducted through a trading trust, and the beneficiaries are subject to oppressive, unfairly prejudicial or unfairly discriminatory conduct, the reform would allow a court to make orders such as requiring the trustee to cease the […]
This case is about the common situation where supplies are made on retention of title (ROT) terms, and the contracts consist of an initial master agreement plus subsequent separate contracts for each supply. The ROT is a security interest, and a PPSA registration is required. But if the master agreement was made before the PPSA […]
A new NSW Supreme Court case, about parents trying to keep their property out of the hands of their daughter’s bankrupt estate, briefly mentions the PPSA. It says the PPSA would have defeated an argument the parents might have used to claim they had a charge over proceeds of the sale of the property. But […]
Key points The Personal Property Securities Act, after its first three years in operation, has undergone a detailed review undertaken by Bruce Whittaker. The Report recommends keeping the fundamental architecture of the PPSA, but with many detailed changes to improve its efficiency. If implemented, the recommendations offer significant improvements and streamlining for secured lenders and […]
The Personal Property Securities Act 2009 (Cth) (the ‘PPSA’) came into full force just over 3 years ago, on 30 January 2012. It significantly reformed the law of taking security over goods and almost all other kinds of property, other than land, in Australia, and established a new registration system for security transactions. Three years […]
Crowd sourced equity funding, or CSEF, means allowing companies to raise comparatively small amounts of equity funding from a spread of investors, usually using an online platform. Currently this isn’t easy for start-up or entrepreneurs in Australia, but it looks like the government is moving towards reform to make it possible. A press release a […]
It is now 3 years since the Personal Property Securities Act came into full force on 30 January 2012. The PPSA reformed the law of taking security over almost all kinds of property except land. For some secured lenders, things ultimately became much simpler: a single register replacing multiple different State-based, grantor-based or property-based registers. […]
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