Footnotes

CHAPTER 1 - INTRODUCTION

[1]        Explanatory memorandum, p. 13.

[2]        Senate Hansard, 10 March 2010, p. 2099.

[3]        Senate Hansard, 10 March 2010, p. 2099.

[4]        These reports are available through the committee's website at https://www.aph.gov.au/Senate/committee/legcon_ctte/completed_inquiries/index.htm

[5]        Senate Hansard, 10 March 2010, p. 2099.

CHAPTER 2 - OVERVIEW OF THE BILL

[1]        EM, p. 3.

[2]        EM, p. 6.

[3]        EM, p. 7.

[4]        EM, p. 9.

[5]        EM, p. 9.

[6]        EM, p. 10.

[7]        EM, pp 10-12.

[8]        EM, p. 13.

[9]        EM, p. 13.

[10]      EM, p. 13.

[11]      Submission 3, p. 1.

[12]      Submission 3, p. 1.

[13]      EM, p. 17.

[14]      EM, p. 17.

[15]      EM, p. 17.

[16]      EM, p. 17.

[17]      EM, p. 17.

[18]      EM, p. 18.

[19]      For further information, see EM, p. 19.

[20]      EM, p. 19.

[21]      EM, p. 20.

[22]      EM, pp 21-22.

[23]      EM, p. 22. For further information on the amendments contained in Schedule 2, see EM, pp 19-43.

[24]      For further information on the amendments contained in Schedule 2, see EM, pp 19-43.

[25]      EM, p. 44.

[26]      For further information relating to the amendments to the PPS Act transitional provisions, see EM, pp 44-48.

[27]      For further information on these amendments, see EM, pp 49-52.

CHAPTER 3 - KEY ISSUES

[1]        Submission 3, p. 4.

[2]        Submission 11, p. 4.

[3]        Explanatory memorandum (EM), p. 9.

[4]        Submission 2, p. 1.

[5]        Submission 2, p. 2. 'Perfection' is a technical term which means that a security interest has attached to collateral and is effective against third parties. Perfection may occur by, for example, registration, possession or control of the security interest property (Attorney-General's Department, Submission 8, Inquiry into the exposure draft of the personal properties securities bill 2008, 19 March 2009, p. 14).

[6]        Submission 2, p. 2.

[7]        See Submission 11, pp 1-5.

[8]        EM, p. 11.

[9]        Submission 1, p. 1; Bill, p. 22.

[10]      Submission 11, p. 3.

[11]      Submission 2, p. 2.

[12]      Submission 2, p. 2. A 'purchase money security interest' (PMSI) is a security interest in collateral created by, for example, a seller who has secured the obligation to pay the purchase price, a person who provided the value to purchase the collateral, or the interest of a consigner who delivers property under a commercial consignment. A PMSI confers 'super-priority' on the secured party (Attorney-General's Department, Submission 8, Inquiry into the exposure draft of the personal properties securities bill 2008, 19 March 2009, p. 15).

[13]      Submission 2, p. 2.

[14]      Submission 10, p. 3.

[15]      Submission 11, p. 1.

[16]      Submission 2, p. 3.

[17]      Submission 3, p. 6.

[18]      Submission 3, p. 6.

[19]      Submission 3, p. 5.

[20]      Submission 11, p. 2.

[21]      Submission 1, p. 1.

[22]      Submission 11, p. 2.

[23]      EM, p. 13.

[24]      EM, p. 13.

[25]      EM, p. 13.

[26]      Submission 3, p. 1.

[27]      Submission 3, p. 1.

[28]      Submission 3, p.1.

[29]      Submission 3, p. 1.

[30]      Submission 3, p. 1.

[31]      Submission 11, p. 4.

[32]      Submission 11, p. 5.

[33]      Submission 3, p. 1.

[34]      Submission 11, p. 6.

[35]      Submission 2, p. 3.

[36]      Submission 2, p. 3.

[37]      Submission 2, p. 4.

[38]      Submission 11, p. 7.

[39]      PPS Act, p. 293.

[40]      The EM notes that the registration commencement time is a key event in the transitional provisions. This refers to the time at which the PPS Act and the PPS Register take practical effect (p. 44).

[41]      Clayton Utz, Submission 3, p. 10.

[42]      Clayton Utz, Submission 3, p. 12.

[43]      Australian Securitisation Forum, Submission 4, p. 2.

[44]      Allens Arthur Robinson, Blake Dawson, Freehills Lawyers and Mallesons Stephen Jaques, Submission 7, p. 2.

[45]      Senate Scrutiny of Bills Committee reports may be accessed at https://www.aph.gov.au/senate/committee/scrutiny/bills/2010/index.htm

[46]      Alert Digest No. 4 of 2010, 17 March 2010, p. 7.

[47]      Alert Digest No. 4 of 2010, 17 March 2010, p. 7.

[48]      Alert Digest No. 4 of 2010, 17 March 2010, p. 8.

[49]      Alert Digest No. 4 of 2010, 17 March 2010, p. 8.

[50]      Alert Digest No. 4 of 2010, 17 March 2010, p. 8.

Additional comments from Liberal Senators

[1]        Inquiry into the Personal Property Securities Bill 2009 [Provisions], August 2009, p. 36.

APPENDIX 1 - RESPONSE FROM ATTORNEY-GENERAL'S DEPARTMENT TO SUBMISSIONS RECEIVED FOR THIS INQUIRY[1]

[1]        'Inquiry into the Personal Property Securities (Corporations and Other Amendments) Bill 2010: Summary of submissions and comments by the Australian Attorney-General’s Department', Submission 11.