On 16 May 2008,the A-G released a “consultation draft” of the Personal Property Securities Bill 2008 for public comment. Submissions have been invited by 15 August 2008. At the same time, the A-G’s Department also released a Request for Tender that invites bids from information technology companies interested in building the new electronic PPS Register.
The stated goals of the PPS reform are
* to simplify the existing, fragmented PPS system by creating a single, national online register covering all forms of personal property (including, therefore, all forms of IP);The consultation period runs for three months and, although the PPS legislation has a high political priority, it would be optimistic to think that the Act in its final form will be passed before 2009. Drafting the legislation is the (comparatively) easy part - building the IT platform for the PPS Register may take much longer.
* to provide a more certain system of taking, registering, and searching security interests over all personal property; and
* to make secured lending more cost-effective and attractive to lenders.
 Attorney-General’s Department, “Review of the Law on Personal Property Securities – Discussion Paper 1 – Registration and Search Issues”, November 2006.
 See here. Press Release here
 See the Press Release here
This item was supplied to IP Finance by Australian solicitor Julian Gyngell.