THE FIRST meeting of the Personal Property Securities Review Consultative Group was hosted by Henry Davis York earlier this month.
The group, comprising high-level business, academic and government members, was formed to advise Attorney-General Philip Ruddock on proposed reforms to the law on personal property securities (PPS).
“There are some 70 statutes around the country that variously govern different forms of PPS,” Henry Davis York partner and group member Maria Polczynski said.
“The proposed reform is important to harmonise and simplify these laws. These reforms present an opportunity to substantially reduce legal uncertainty and red tape; they will cut compliance costs for financiers,” she said.
Ruddock expressed his satisfaction with the contributions made by the group on the subject of PPS reform.
“This should help ensure the reformed system will be as robust as possible,” he said.
According to Henry Davis York’s managing partner, Stephen Purcell, “the reform will have positive repercussions for a wide range of financial services companies. We are looking forward to working with the Attorney-General on this important initiative”.