Reminder: PPSA Commencement

The commencement of the Personal Property Securities Act 2009 (PPSA) and related Personal Property Securities Register (Register) is fast approaching. As advised previously there are a number registration issues those in the construction industry should turn their mind to before the commencement of the PPSA.

From PPSA commencement on 30 January 2012, the following rights and arrangements are likely to be security interests and should therefore be registered:

 'Step in' rights - A 'step in' right is the power to take work from a contractor or subcontractor in certain circumstances. This right usually also extends to using the contractor's or subcontractor's plant, material and equipment to complete the work in question.

Unfixed goods and material - Goods and materials which have been paid for and either remain offsite or are on-site but unfixed.

Equipment hire and on-site temporary works - Equipment hired from specialist providers and temporary works which will be removed.

The date for pre-registration of secured party groups has now ceased. As such, you will need to wait until the PPSA register opens on 30 January 2012 to set yourself up on the Register and commence registering your security interests.

If you would like further information, please call your existing Maddocks contact or a member of our Personal Property Securities Team