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The Personal Property Securities Act 2009 (Cth) established a single national electronic database of personal property security interests, called the Personal Property and Securities Register (PPSR). Under transitional provisions, a five year grace period operated to ensure the effectiveness of migrated security interest registrations (despite any defects) and to allow secured parties to rectify defects with their registrations on the PPSR. This transitional period ends on 31 January 2017.
In this deal, speed was of the essence. Our client was the administrator of a construction company. His asset (the construction business) deteriorated for every hour that it remained in his hands. We assisted him to negotiate, document and complete a sale in under a week.
Alert - One month to go: small business unfair contract terms – checklist
From 12 November 2016, small businesses will be protected by the unfair contract terms regime under the Australian Securities and Investments Commission Act 2001 (Cth) and the Competition and Consumer Act 2010 (Cth). Under this regime, a court may declare any ‘unfair term’ in a ‘small business contract’ to be void and unenforceable.