Personal Property Securities Register
The Australian Securities and Investments Commission (ASIC) has announced that the Personal Property Securities (PPS) Register will commence on 30 January 2012.
The PPS has been touted as one of the greatest legal reforms in recent times – the PPS has reformed the way in which personal property securities are registered. The PPS will incorporate all corporate charges currently registered with ASIC.
The PPS was to have commenced operations last year but was delayed.
For the first time the PPS will allow security interests to be registered over intellectual property.
We will write more about the PPS in the coming weeks.
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