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Our Personal Property Securities Act (PPSA) Team works with our clients to provide them with a clear understanding of how the Personal Property Securities Act will affect their business. The team is led by Wendy Jacobs, who has been a member of the Federal Attorney General's Consultative Committee for the implementation of the PPSA since 2006.
How will PPSA affect my business?
The PPSA, which establishes a set of rules in relation to priority claims to personal property, will significantly affect most Australian commercial enterprises. This includes those in the manufacturing, construction, financial services and motor vehicle industries.
Process implementation by businesses will be critical under the PPSA regime.
At DibbsBarker, we use our industry expertise to analyse the current operations of the business, and look for any “gaps” between current practice and what your business needs to be ready for the PPSA. DibbsBarker can assist you in implementing these changes, which will include a tailored program of training, policies, procedures, documents and regular updates.
Training
Our PPSA Team provides training aimed at all levels of your organisation and tailored to your industry. We provide training on changes to retention of title, priority arrangements, enforcement for secured parties and insolvency practitioners, leasing and bailment arrangements and implications for intellectual property. For more information about how your company could benefit from this training, please contact a member of our PPSA Team.
Policies, procedures and documents
At DibbsBarker, we are equipped to advise on all aspects of PPSA compliance. This includes the preparation and finalisation of documents, dealing with third party providers (e.g. outgoing creditors) and filing financing statements and/or financing change statements. Recent examples of our work in this area includes:
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being engaged by an offshore bank operating an Australian Branch to undertake a review of standard client documentation with a view to ensure that it is PPSA compliant
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completing a review of a regional bank’s enforcement procedures to take account of the impact of the regime set out in Chapter 4 of the PPSA
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working for a number of ROT suppliers to assist with the amendment of their standard terms of trade.
In addition, we have updated all of our template agreements and documents, ready for use prior to commencement.
PPSA related news and publications from DibbsBarker
PPSA in the Insolvency Industry
The PPSA will have a significant impact on the insolvency industry. The commencement of this legislation will mean more clarity around the rules applying to - and the mechanisms to determine the validity of - asserted interests in personal property. The PPS Register will in most cases be the only public record that insolvency practitioners need to search nationally upon their appointment in order to determine claims to personal property. Significantly, the failure of creditors to register or otherwise properly perfect their interests will be fatal to their claims of priority in an insolvency administration. For more information, please contact a member of the DibbsBarker PPSA Team.
Events
We regularly run panel discussions and seminars on hot topics regarding the impending legislation. To receive future invitations to these events, please contact enquiry@dibbsbarker.com. To hear a recording of our most recent, please view below:
PPSA review, wrap-up and Q&A
Speakers: Wendy Jacobs, Partner at DibbsBarker; Adam Hopkins, Deputy General Counsel at GE; and Ryan Eagle, Partner at Ferrier Hodgson.
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