The Commonwealth Personal Property Security Register is a web-based noticeboard of all “interests” over all non real estate assets in Australia. At last count there were more than 10 million, many of which were defunct and many others defectively registered. Our Personal Property Securities Lawyers can assist you with PPSR advice.
The PPSA’s intention was to create a single national register and a uniform set of rules. The PPSA incorporated a number of current Dominion, State and Territory legislation and security preferences registers. As a result, PPSA has affected the way business is done by many industries.
Small and large clients are advised on the implications of PPSA in terms of its application through commercial contracts, property, intellectual property, construction, banking and finance, insolvency and disputes.
Our Personal Property Securities Lawyers can assist in all aspects of the PPSA, including consideration of its corporate application, updating of conditions and training with respect to the use of the Personal Property Securities register (“PPS Register”).
It covers the situation where a lender takes a security interest in personal property as security for a loan and registers that security interest. – PPSR
Personal Property Securities Register Case Assessment tool
Looking to get a personalised tailored assessment on your process of Personal Property Securities Register? Why not try our free case assessment tool and find out what issues / opportunities may arise.
Our Personal Property Securities lawyers can assist in relation to:
- Advising commercially and efficiently on or dealing with disputes;
- Consideration of its business application;
- Preparation or modification of any terms and conditions requiring PPSA compliance;
- Preparation of practical guides on registration, modification and discharge of security interest in the PPS Register;
- Preparation of procedures to be introduced in an enterprise to help manage the PPSA implications;
- Training staff to be registered with the PPSR.
Some examples of personal property interests that can be registered on the PPSR:
Any tangible or intangible asset over which a chattel mortgage or charge could be granted can be the subject of a PPS incapable of registration on the Register. Most commonly such securities are granted to secure an interest in:-
- Goods: plant and equipment, vehicles
- Goodwill of a business;
- Intellectual property eg, trade marks;
- Receivables , ie debts;
- Proceeds, ie value of business received upon liquidation;
- Livestock and their progeny;
What does registration achieve?
Provided the security has been validly registered, registration agreements with the security holder shall take precedence over other creditors in respect of the secured asset. The interest shall survive the transfer of ownership of the collateral to a third party unless it has been validly or defectively registered in which case the interest is extinguished.