Newsflash – PNG on-board the PPSA train.

You’ll be excited to learn a version of the Australian PPSA has been adopted by Papua New Guinea and is to commence in January 2016.

If you are trading in PNG or have trade relations with any PNG businesses you will be affected.

As in Australia, ownership no longer counts; it’s all about possession and ensuring you register your interest in your property.

You’ll have to be quick.  Whilst we had a two-year transition period PNG businesses will only have 180 days to ‘get on board’.

If you are exposed let us know so we can help you with your registration requirements.   Whilst the legislation is similar to Australia the registration process has some differences.

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PPSAdvisory advises against several proposed revisions to the PPSA legislation due to potential increased costs, complexity, and uncertainty for businesses.

 

On Friday 17 November 2023, PPSAdvisory submitted a detailed response to the proposed amendments in the Personal Property Securities (PPS) framework. They challenge a number of the 345 proposed amendments made in the government’s response to the 2014 Whittaker report.

 

After almost 12 years of implementing the register, PPSAdvisory is concerned that these revisions will burden businesses with additional costs, complexity, and uncertainty instead of providing tangible benefits.

 

Users of the PPSA have adjusted their policies and registration practices to comply with the current legislation. Implementing such significant changes as proposed would require a complete overhaul of policies and practices. Additionally, these proposed amendments would render the policies and practices of many Australian businesses and financiers, particularly those involved in equipment hire, unworkable.

 

As result, the availability of finance for mining, construction, and heavy earthmoving equipment would be directly impacted. If financiers are unable to register their security interest in specific items of equipment (as only equipment with a Vehicle Identification Number can be registered by serial number), obtaining finance for such equipment will

become even more challenging.

 

We now await the response from Government to the submissions which have been made.

 

Feel free to reach out to us via the ‘contact us’ page on the website if you’d like any further information.