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

Passports And IDs Left Online: Privacy Breach On Tuia 250 Aplications

The Ministry for Culture and Heritage yesterday revealed it had mistakenly exposed the sensitive details of about 300 mostly young people online...

Technology commentator Paul Spain said while most of the information was gone from the internet, the question was who had accessed it while it was online.

"This could be a problem for them for months if not years to come because others are now able to impersonate them and they could do all sorts of things when they [can] pretend to be someone else." More>>

 

Cutting Tape, Rasing Super Age, Cutting Business Payment Times...: National's Economic Discussion Doc

National has today released its fourth Discussion Document, which focusses on the economy and outlines a range of policies that will help rebuild business confidence, Leader of the Opposition Simon Bridges says. More>>

ALSO:

Gordon Campbell: Why NZ Shouldn’t Try To Curry Favour With Trump

Dutifully, Denmark had lined up militarily alongside the US in Bosnia, Afghanistan, Syria and during the Iraq War. This means nothing. In a heartbeat, the current US President will trash any ally, and on the flimsiest of pretexts. More>>

Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>

ALSO:

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels