ARITA submissions - Personal Property Securities Act review
ARITA’s submission made three points:
- that good business practice required attention to PPS, and this supports proper governance and attention to the company’s financial position;
- that insolvency law should tighten up the responsibility of creditors to respond to liquidators' queries regarding PPS registrations; and
- that statutory recognition and priority should be afforded to a practitioner’s remuneration.
In our supplementary submission, we raised law reform suggestions in relation to remuneration assessments for work done in relation to commingled goods and PMSIs, and issue concerning perishable goods.
Mr Whittaker’s final report is due on 30 January 2015 and is expected to make recommendations on how to improve the Act, including simplification where appropriate.