The Personal Property Securities Act 2009 (Cth) (PPSA) ushered in a new era for businesses and individuals who deal with personal property (which is very broadly defined, and includes most property other than land).
The PPSA may drastically affect transactions where personal property is used to secure payment or performance of an obligation, or where personal property is being leased or bailed.
One effect of the PPSA is that some creditors may now have a security interest that, if protected correctly, will make them secured creditors. A security interest under the PPSA can arise in many different scenarios and you may need to use the Personal Property Securities Register (PPS Register) to protect your security interests.
In some cases, creating a valid registration on the PPS Register is not straightforward. Registrations must be done correctly and within the specified timeframes. Failing to correctly register your security interest in personal property may mean that another party can permanently take the personal property, even though you may own it.
For a fixed fee, Cooper Grace Ward offers PPSA advice and training including:
- advice on the implications of the PPSA for you or your business;
- customised PPSA training, designed to help you and your staff understand the general PPSA principles and use the PPS Register;
- comprehensive training manuals that contain a step by step outline of the processes on the PPS Register.
For more information about this and other PPSA services we offer, please contact us or visit our PPSA page.