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 will replace 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 general information, please click on the links below:
Personal Property Securities Act 2009 General Overview by David Nicoll
PPSA INFORMATION GUIDES
For specific information or assistance please call Townsends Lawyers on (02) 8296 6222.
|
