March 1, 2012
If your business leases or supplies goods and relies on a retention of title clause (“ROT”) as a means of protecting itself in the event of debtor default or bankruptcy, the commencement of operation of the Personal Properties Security Act (“PPSA”) on 31 January 2012 will be of significance to you.
A lease or a retention of title clause over assets you supply in your trading terms will create a security interest for the purposes of the PPSA. A security interest must be perfected to avoid losing any claim your business may have over an asset in the event of non-payment by the party who takes possession of it as part of the transaction.
CHANGES AFLOAT IN THE RESOURCES & ENERGY SECTOR
1 March 2012
The 2012 year has already signalled some significant changes in the energy and resources sector. Notably, the Queensland Government have announced that:
- Transfer Duty will apply to the direct and indirect transfer of exploration permits (EP’s) and authorities to prospect (ATP) where they are capable of transfer; and
- Land in Queensland suitable for coal tenure will be subject to a competitive bidding tender process which is yet to be implemented.