By now we’re sure that most of you are sick of hearing or reading about the Personal Property Securities (PPS) reforms. But, we are alarmed and concerned about the number of people who do not realise that PPS will affect their business.
Whether it be due to an increase in the securities that will be registered against their name and/or their company’s name because of goods or services that are supplied to them, or the need to change the way they secure their rights and payments because of the goods and services that they supply to others, very few businesses will escape the consequences of the PPS reforms.
The ‘go live’ date for the new PPS legislation and Act has been changed yet again. Whilst the date has not yet been confirmed by the Attorney General, the latest date for commencement is 30 January 2012. It is anticipated that this will be the go live date.
What does this mean?
It means you have an extra three months to get ready for the PPS. Everything else stays the same from our previous notices. A change in dates does not mean you should delay reviewing your documents and getting your business in order and prepared for the PPS.
With the silly season fastly approaching and Christmas less than three months away, most of you will be finding that business is just going to get busier. Don’t wait until January to sort it out, act now.
We can assist you in ensuring your business is prepared for when the register is scheduled to commence.
For further information, contact the Commercial Business & Property Team