The House of Representatives passed the Personal Property Securities (Registration Commencement) Bill 2011 on 2 November 2011.
The Bill was introduced to the Senate on 3 November 2011 where it was referred to the Legal and Constitutional Affairs Committee to ‘identify reasons for delay in the implementation of the register and likely timetable for implementation’. The Committee is due to report its findings to the Senate by 21 November 2011.
As previously reported, in October, the Attorney-General introduced the Bill which would allow the PPS system to commence at a date to be determined by the Attorney-General (which could be after 1 February 2012 if further testing of the PPS Register is required).
We will keep you updated about the passage of this Bill and any other PPS developments.