The Personal Property Securities Act 2009 (Cth) (PPSA) comes into effect on 30 January 2012 and brings sweeping changes to business, how you will go about protecting your clients’ business assets and the ownership of personal property.
The PPSA will also do away with a number of public registers such as the ASIC charges register, bills of sale, and REVS, which will all cease when PPSA commences and will create the PPS Register. Failure to properly register an interest in assets on the PPS Register may result in your clients having no claim over their assets in an insolvency – even if your client owns them.
If any of your clients:
• are financiers or provide vendor finance;
• sell goods on credit;
• store goods with others;
• lease motor vehicles, plant and equipment or other assets;
• provide stock or other assets on consignment to third parties;
• grant licences to other parties to use products, trademarks or other intellectual property;
• are subject to a charge;
• have business financing;
• deal with chattel mortgages or retention of title arrangements;
• have hire purchase agreements; or
• are thinking of buying or selling a business
you need to know about the PPSA and how it will affect them.
For more detailed information on PPSA, please click here.