Personal Property Securities (Consequential Amendments) Act 2009 (131 of 2009)

Schedule 5   Other legislation

Bankruptcy Act 1966

9   Subsection 5(1) (definition of secured creditor )

Repeal the definition, substitute:

secured creditor , in relation to a debtor, means:

(a) in the case of a debt secured by a PPSA security interest - the PPSA secured party in relation to the interest, if the interest:

(i) arose as security for the debt; and

(ii) is perfected (within the meaning of the Personal Property Securities Act 2009); or

(b) in the case of any other debt - a person holding a mortgage, charge or lien on property of the debtor as a security for a debt due to him or her from the debtor.