Legal Feature: What does the new personal properties securities act mean for suppliers in the irrigation industry?

The Persona l Property Securities Act 2009 (the Act), which commenced 30 January 2012, overhauls the existing regime dealing with security interests in personal property. The Act establishes a national online register for security interests and introduces new rules for determining priority between competing security interests in the same personal property. This new legislative regime fundamentally changes the way that business operators across Australia can protect their interests against customer default or insolvency.