Key protections under the Personal Property Securities Act (PPSA) come to an end on 30 January 2014. Businesses that have been relying on the transitional rules to protect existing credit, hire or lease arrangements need to take action now or risk automatically losing their rights in their property or position as a secured creditor.
Key provisions that currently protect some unregistered security interests will come to an end on 30 January 2014
Businesses and individuals must identify and register their security interests on the PPS Register to avoid losing assets to customers’ secured creditors.
Key provisions that currently protect some unregistered security interests will come to an end on 30 January 2014.
All entities risk losing assets to third party creditors under the Personal Properties Securities Act unless they take steps to protect their title through appropriate documents and action (typically registration on the PPSR).
The PPSA (Personal Property Securities Act) will celebrate its first birthday on 30 January 2013.
Businesses that supply goods to other entities should revisit their policies about registration on the Personal Properties Securities Register (PPSR) or risk losing their claims to goods if their customers become insolvent.
A recent decision of the Federal Court highlights the need for creditors to actively enforce their security interests.
The new Personal Property Security Act (PPSA) started on 30 January 2012.
The Personal Property Securities Act 2009 (PPSA) commenced operations on 30 January 2012 and implements fundamental changes to the rules affecting ownership of ‘personal property’ in Australia.
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