The Final Report on the Review of the Personal Property Securities Act 2009 (Cth) (PPSA) has been tabled in the Senate.

The report provides a comprehensive review of the PPSA and its operations.

Based on consultation with stakeholders, 394 recommendations are made for improvements to accessibility and performance of the PPSA and the Personal Property Securities Register.

Recommendations are made in relation to:

1. The reach of the PPSA;
2. Creating an effective security interest;
3. Perfection by registration;
4. Dealings in collateral;
5. Interactions with other laws;
6. Steps to be taken.

Generally, the recommendations involve suggested changes to the PPSA, for example:

• That the concept of ‘chattel paper’ be deleted;
• That the definition of “PPS lease” in s 13 be amended to remove all reference to ‘bailments’.

Other recommendations suggest steps which the Government might take to address issues or concerns raised in the report, for example:

• That the layout of the PPS Register, and the order and manner in which it asks questions of a registrant or searcher be reviewed in order to make the Register as simple and easy to use as possible, particularly from the perspective of an unsophisticated user.

The report and recommendations contained therein are currently under consideration by the Government. It is anticipated that, should recommendations be accepted, a Bill amending the PPSA will be drafted.

Given the complexity of the PPSA, the final report has recommended a collaborative approach in the drafting of the amending Bill, with participation by the Office of Parliamentary Counsel, the Attorney-General’s Department and the private sector.