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Insolvency Law Bulletin, Vol 12 Issue 4: Agony Aunt's advice

by Desanka.Vukelich 15. December 2011 11:51

The latest issue of the LexisNexis Insolvency Law Bulletin includes a very insightful Agony Aunt column on PPSA issues. Thank you to subscribers who have given us positive feedback. We hope you enjoy it.

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SEEKING PERFECTION

Dear Aunty

I am an ordinary suburban lender and have been going out with my borrower for two years now. When we first started dating things between us were great — I felt safe every time he’d draw down my facility, charging his assets and registering extreme satisfaction. But he hasn’t asked me to marry him and I am worried about the level of his commitment. He doesn’t seem to have his priorities right and he laughs when I tell him I need more security.

Am I wrong to press him for more? Am I seeking perfection? Do you think I should give him another 24 months or so grace?

Yours

Worried, Baulkham Hills NSW

>>>

Dear Worried of Baulkham Hills

We’d all love to have our security perfected, but most of us have to live with something less. At least you’ve got possession by the sound of things, and if your borrower wants to retain title to his independence for a little longer, I’d say you should live with it for a while and hope that eventually the two of you achieve accession.

Getting married is all very well, but remember that a strong relationship depends on more than a piece of chattel paper. While your concerns are understandable, maybe you should invest more time in structuring a robust security agreement. After that you can head down to the new Register office together and then ITSA done deal!

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IS HE A PIMSI?

Dear Aunty

Until recently my love life has been the typical flighty string of serial number lovers that our generation is famous for. It was fine for a while even though I got a bit of a reputation as a circulating asset. But I had started to feel that these unperfected security interests were leaving a void. Then I met the most amazing guy. I made him the priority of my advances and even tried collateral means to get him to engage in some serious commingling. However, even though he says he finds me attractive, I can’t seem to register the full extent of my interest. I’m worried that I may be doing something wrong.

Do you think he might be a PIMSI, and that I’m just not ticking the right box? Please answer and I’ll be forever in your debt.

Yours

Damaged Collateral, Collingwood, Vic

>>>

Dear Collateral

First of all, let’s cut out this “damaged” business. You need to understand that you are a worthwhile individual, and the mere fact that you’ve been a circulating asset for a few years with no fixed attachments doesn’t make you any less attractive than you’d otherwise be. One day, you’ll find that everything will come right, and from that moment of crystallization onwards, you’ll feel like you are being continuously perfected.

In the meantime, though, maybe you just need to take things a little slower. It’s not all about control, you know. Remember, many of these new-age PIMSIs are sensitive types, unlike the rotters of the old days, and it is absolutely essential to read them carefully. Mind you, that doesn’t mean they’re not vain — they still like you to make a point of recognising they’re PIMSIs, so make sure you find time to tell him — and remember, in this digital age with all the social media available to us, you can even do it electronically on a standard form.

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TALKING DIRTY

Dear Aunty

If she knew I was writing to you she’d get really mad, but I’m worried about how to talk to my girlfriend about our personal property. She has just got out of law school and seems to speak a completely different language from me. I just get embarrassed with all this talk of control and possession, but she just takes it for granted. I’m worried I may not be able to perform to her expectations and that my PI premiums will skyrocket. Can you suggest how I can deal with my situation?

Sincerely,

Bewildered of Mosman Park, WA

>>>

Dear Bewildered

Don’t worry — if you do, your performance anxiety will only get worse. Find somewhere private (like a darkened closet, or the bathtub) and try repeating some key words or phrases to yourself over and over again. If you do, you’ll soon find yourself comfortable with expressions such as “intermediated security” and “migrated security interest”. However, once you overcome your feeling that some of these words are dirty, you should take care not to bandy them about too much. It’s one thing to drop the odd one into a dinner conversation, signaling that you’re ready to go the moment the system goes live — but if you throw them about too obviously she might think you’re trying to impress all the girls.

 

 

 

 

Tags:

Insolvency Law Bulletin | Personal Property Securities in Australia

Service 2 of Personal Property Securities in Australia

by Hilary Kincaid 23. November 2010 13:36

Service 2 of Personal Property Securities in Australia is now available. 

 

The latest service includes:

 

An updated index with references to both the legislative and commentary material for easy navigation around the publication

Chapters have been reviewed for currency.

The following chapters have been revised and updated:

Chapter 1: Background and Overview of PPSA

Chapter 2: Key Concepts and Principles

Chapter 4.2:  Receivables Financing

Chapter 4.5:  Aircraft Finance

Chapter 4.6: All Assets Security Interests

Chapter 4.7: Agricultural Security Interests

Chapter 4.8:  Securitisation

Chapter 4.9:  Intellectual Property

Chapter 4.10:  Financial Property, Set Off and Flawed Asset Arrangements

Chapter 6:  Transition Issues

Chapter 7:  Implementation and Ongoing Management Issues

 

Tags:

Personal Property Securities in Australia

Personal Property Securities in Australia - new work released

by Hilary Kincaid 24. September 2010 15:49

LexisNexis is proud to announce the release of a new commentary and legislation work, Personal Property Securities in Australia.

Personal property is, broadly speaking, property other than land, buildings and their related fixtures.

The new personal property securities regime brings together over 70 Commonwealth, state and territory laws into a cohesive national system. It will replace over 40 disparate registers with a single national Register. 

The new regime will affect financing, supply of goods on a retention of title basis, leasing, company charges, purchase and sale of personal property, bankruptcy and corporate insolvency. The foundation of the new regime is the Personal Property Securities Act 2009.    

Understanding these changes now is crucial for commercial and general law practitioners in advising their clients on compliance, transition and enforcement. 

Although the Register will not be in operation until May 2011, the new regime makes dramatic changes to the language, procedures and requirements of creating and enforcing interests in personal property. The changes are nothing short of seismic.

For more information, and to download sample chapters, please visit www.lexisnexis.com.au/ppsa. Subscribers -click here.

Tags:

Law reform | Personal Property Securities in Australia



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