The International Interests in Mobile Equipment (Cape Town Convention) Bill 2013 (Cth) and the International Interests in Mobile Equipment (Cape Town Convention) (Consequential Amendments) Bill 2013 (Cth) have been passed by Parliament and are awaiting Royal Assent.

The Amendments Bill amends the Personal Property Securities Act 2009 to provide that the Cape Town Convention on International Interests in Mobile Equipment will prevail over the PPSA to the extent that an inconsistency applies.

The Convention Bill enables Australia’s accession to the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment which will provide an international registry system to protect secure creditors who finance the acquisition of aircraft.

For personal property subject to the Protocol, this may mean making and checking for registrations on both the PPSR and the International Registry of Mobile Assets.