Commonwealth legislation

Personal Property Securities (Priority of Statutory Interests) Instrument 2011

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legislative instrument

Plain English Summary

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This Instrument says that the priority rule in subsection 73(2) of the Personal Property Securities Act 2009 will apply to two specific statutory liens: the lien at Corporations Act s443F(1) and the lien at Bankruptcy Act s189AC(2). It changes how those lien-holders and competing secured parties rank against PPSA security interests, so it matters for who gets paid first when the same personal property is claimed by multiple parties.

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Personal Property Securities (Priority of Statutory Interests) Instrument 2011

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Personal Property Securities (Priority of Statutory Interests) Instrument 20111

Personal Property Securities Act 2009

I, ROBERT McCLELLAND, Attorney‑General, make this Instrument under subsection 73 (4) of the Personal Property Securities Act 2009.

Dated 8 December 2011

ROBERT McCLELLAND

Attorney‑General

1 Name of Instrument

This Instrument is the Personal Property Securities (Priority of Statutory Interests) Instrument 2011.

2 Commencement

This Instrument commences on 30 January 2012.

3 Definitions

In this Instrument:

Act means the Personal Property Securities Act 2009.

4 Priority between security interests and declared statutory interests

For subsection 73 (4) of the Act, subsection 73 (2) of the Act applies to:

(a) a lien that arises under subsection 443F (1) of the Corporations Act 2001; and

(b) a lien that arises under subsection 189AC (2) of the Bankruptcy Act 1966.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Personal Property Securities (Priority of Statutory Interests) Instrument 2011