The new national register has replaced 24 state based registers.
The PPSR is now the single source of data nationally for proof of ownership for any personal property, ranging from cars, to mortgages and equipment.
The register has created additional red tape for businesses.
According to today's Financial Review from which this article is drawn, business groups and lawyers say that in practice the legislation has introduced new definitions of ownership which have led to confusion.
While the idea of a single register seems to generally have been welcomed, the changes are apparently having an impact not readily understood.
Insolvency lawyer Morgan Kelly of Ferrier Hodgson is quoted as saying that he had dealt with several cases in the past two years where companies were unaware of the new laws and lost title to their equipment.
It would clearly be prudent for anyone who may be affected by the new laws to seek advice or try to acquire some knowledge of the new laws to protect their position.
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