Personal Property Securities Act 2009

The PPSA came into operation on 30 January 2012 and ushers in widespread changes and reforms in many types of dealings in personal property.

If your business (or any of your clients) lends money to companies, buys cars with finance, sells goods to business on consignment, has retention of title arrangements in place, or takes (or gives) security over assets other than land, you need to know about PPSA.

This list is not exhaustive, PPSA catches many other types of everyday business transactions.   Failure to understand and comply with the PPSA could have significant adverse effects on business.

Central to PPSA is the Person Property Securities Register (PPSR) where security interests are registered.  The PPSR replaces a myriad of existing national and state based registers over interests in personal property.  For example, the PPSR has replaced ASIC’s register of company charges and the Register of Encumbered Vehicles (REVS) in New South Wales.

PPSA also requires registration of interests in personal property that have not previously been registered on any national or state registers.    Registration of the security interest is vital to the priority and enforcement of the security interest – and is key to protecting business assets.

For information, please click on the links below:

PPSA GUIDES

 

Townsends Business & Corporate Lawyers has created 5 flow charts to assist your business navigate the Personal Property Securities Register. The flow charts visually represent the steps in the process of searching and registering Security Interests, creating a Secured Party Group, and discharging different types of Security Interests.  Please use these flow charts to assist you in your dealings with the Register.

 

If you have any questions or need assistance in any PPSR transaction, please contact SUPERCentral on (02) 8296 6266 or email info@supercentral.com.au

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