Kensington Swan
Added: Feb 15, 2012
Following numerous delays, the Australian Personal Properties Register (‘PPS Register’) went live on 30 January 2012.
The PPS Register was created by The Australian Personal Properties Securities Act 2009 (Cth) (‘PPSA’). Like the New Zealand and Canadian systems, the PPSA provides one system for the registration of all security interests and establishes a priority system.
Although substantively similar to the New Zealand PPSA, there are some important differences in detail in the PPSA. For example, the PPSA provides for an additional way to perfect security through the concept of ‘control’, particularly over shares and bank accounts. Security perfected by control has super priority, including over purchase money security interests.