• Control and Certainty - Ontario's Proposed Amendments to the PPSA
  • November 29, 2013
  • Law Firm: Aird Berlis LLP - Toronto Office
  • On May 2, 2013, the Ontario government tabled its annual budget, announcing its intention to amend the Personal Property Security Act (Ontario) (the “PPSA”). While the specific details of the amendment remain unclear, it appears that the changes will generally follow the recommendations of the Ontario Bar Association’s Personal Property Security Law Subcommittee (“the Committee”). If the amendment follows the Committee’s recommendations closely, it would permit creditors to obtain an automatic first priority security interest over cash collateral accounts under the creditor’s control.