A new Personal Property Security regime is anticipated to commence in Papua New Guinea before the end of 2015.
While the Personal Property Security Act 2011 was passed by the Papua New Guinean parliament in 2011, its implementation has been delayed as a result of complications with the establishment of the PPS register (Register). However, the Papua New Guinean Department of Treasury has indicated that the Register will be live before the end of 2015.
Once the PPSA commences, there will be a mere 180 day transition period in which parties must register their security interest or otherwise risk losing their security. This is a significantly shorter transitional period than the equivalent period afforded under the Australian regime, which was two years from the date of commencement of the corresponding Australian Act.
Australian companies (and individuals) with security interests in personal property located in Papua New Guinea will need to be mindful of the effect of the new regime to avoid being caught out by the relatively short transitional period.
If you or your company require further information on the effect of the new regime please contact ERA Legal.
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