Australia has deferred the introduction of the Personal Property Securities Act and associated register from May until October.
The delay is intended to allow more time for the register to be completed, regulations to be finalised and the Act to be further amended. Business also needs more time to prepare.
The Act itself contains the mechanism to defer the start date in this way. It provides that it comes into force on a date to be set by the Minister, but not later than 1 February 2012.
We summarised the implications of the new regime for New Zealand businesses in a Brief Counsel last August.