That review has already started and, following an initial consultation exercise completed in July, an interim report has been issued.
The review is being conducted by Bruce Whittaker, a lawyer specialising in financial services and commercial financing arrangements. His interim report runs for 53 pages and says:
- Not enough people are aware of the PPSA; and
- Those that are aware of it tend not to understand it.
Radical stuff!
Mr Whittaker also advises that he is "not minded at this stage to recommend any specific amendments to the Act, the Regulations or the operation of the register." Instead, he wants to focus on further consultations that, in addition to representing a continued information gathering exercise, would also serve to further spread understanding and enlightenment on the subject of the PPSA and increase industry's sense of ownership of the Act.
So, instead of suggesting taking a scalpel (knife, axe, bludgeon) to those parts of the Act responsible for generating so much confusion in the trade credit and finance industry and debate between opposing teams of lawyers, we will be treated to some questionnaires?
If you want your own copy of the interim report it can be found at the Attorney General's website at:
http://www.ag.gov.au/Consultations/Pages/StatutoryreviewofthePersonalPropertySecuritiesAct2009.aspx
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