The Personal Property Securities Act: implications for the oil and gas sector

Abstract

The Personal Property Securities Act (PPSA) will rationalise the number of laws and registers governing personal property securities and it will also introduce major substantive changes to the existing law, which will be particularly important for secured creditors, equipment lessors, consignors and other retention of title suppliers, and purchasers of accounts receivable. The PPSA will have particular implications for the oil and gas sector including the terms of security given between joint venture participants and in favour of third party financiers.