The Australian Government has released its proposed legislative response to the recommendations of the Final Report of the 2015 Statutory Review of the Personal Property Securities Act 2009 (the Whittaker Review).

The overarching objective of the reforms is to simplify the personal property securities framework to make it easier for users to engage with, providing clearer, more accessible rules for the granting, validity and enforcement of security interests in personal property.

The Whittaker Review made 394 recommendations. The government’s response to these recommendations includes amendments to the Personal Property Securities Act 2009 (PPS Act) and new PPS Regulations.

The Government proposes to accept 345 recommendations made by the Whittaker Review.

The Amendment Bill also includes amendments relating to nine recommendations that the
Government proposes to not accept, but where the scope or policy intent of the provision has been clarified.

It has rejected 29 recommendations and 11 have been classified as redundant or previously addressed.

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