If your transactions involve personal property (which includes most types of property other than land), then the Personal Property Securities Act (PPSA) could apply to you. The PPSA has changed how business and individuals deal with personal property. And as always, it is important to be aware of your obligations under the law.
What is the PPSA?
The Personal Property Securities Act 2009 (Cth) (PPSA) is legislation that governs the use of personal property (most types of property other than land) to secure payment of money or the performance of an obligation.
The PPSA radically changed how business and individuals deal with personal property. It has the potential to apply to any transaction involving personal property.
What is the Personal Property Securities Register (PPSR)?
The legislation established a new Personal Property Securities Register (PPS Register). This register replaced a number of state, territory and Commonwealth registers of encumbrances, such as the ASIC Charges Register.
The PPS Register allows people to protect their security interests in personal property by registering them on the PPS Register. You can visit the PPS Register website to conduct a search of the register.
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.
Support from experienced commercial lawyers
Cooper Grace Ward Lawyers can assist with all of your PPSA matters. This includes support through the documentation and registration stage right through to litigation, should a dispute arise. The services of our Brisbane commercial lawyers extend from strategic advice and planning through to implementation, registration and enforcement of your PPSR interests.
We advise a wide range of clients on these matters, including mid market enterprises, major banks and corporate clients.
To contact a lawyer specialising in PPSA matters, call Cooper Grace Ward on (07) 3231 2444.
