Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Personal Property Securities Act Good For Rural NZ

Personal Property Securities Act Good For Rural Sector

6 October 1999
PR105/99

PERSONAL PROPERTY SECURITIES ACT GOOD FOR RURAL SECTOR

The passing tonight of the Personal Property Securities Act is good news for all farmers and growers, and will alter the face of the processing industry and commercial practices across New Zealand.

"This Act enables farmers, growers and other suppliers to avoid the type of large financial loss associated with the collapse of Weddel and Fortex meat companies. As such, it remedies a large anomaly in New Zealand's securities law," said Federated Farmers President Alistair Polson.

"Businesses should not underestimate the importance of this Act."

The Act enables suppliers to register a purchase money security interest (PMSI) over supplied material, such as livestock or grain, until paid for.

Mr Polson said the act was a big win for Federated Farmers. "The federation has lobbied very hard to get the Bill in front of parliament and finally passed in law. Federated Farmers has pushed for the past six years to get this law change."

He congratulated the Government for passing the Act in Parliament's final days before the General Election. "This Act will help farmers and suppliers protect themselves in the event of the collapse of a processor. It is a good solution to a difficult problem."

"Minister of Commerce Max Bradford listened to our concerns and persevered on a complex and difficult issue."

Mr Polson said that farmers and growers who registered a PMSI would have a claim over the assets of failed processors, ahead of financial institution's claims.

"Previously, banks could claim farmers' property to cover their own losses when a processing company went under. That immoral situation can now be ended through farmers using PMSI clauses in supply contracts.

"Farmers, and other suppliers of raw material, should take the opportunity provided under this new Act to protect themselves."

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>

 

14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>

ALSO:

Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>

ALSO:

Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>

ALSO:

Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>

ALSO:

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>

ALSO:

Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels