Enforcement

The enforcement regime applicable to a particular asset will depend on the nature of the asset itself.

Chapter 4 of the Personal Property Securities Act 2009 (Cth) applies to the enforcement of security interests over personal property. However, in most commercial leasing transactions, parties will contract out of the enforcement provisions in Ch 4 of the Personal Property Securities Act 2009 (Cth) such that the relevant transaction or security documents will govern how a secured party may enforce its security interest over the asset.

The Cape Town Convention provides for a specific registration and enforcement regime in relation to mobile equipment (including aircraft, rail and space assets). The Aircraft protocol is in effect under Australian law. The rail protocol and the space assets protocol are yet to be ratified by the Australian government.

This guidance note details the enforcement regime applicable to various assets.

See Enforcement.