Personal Property Securities

New Legislative Changes

Personal Property Securities ("PPS") Register is now "live"

The Personal Property Securities Register (“PPSR”) went “live” on 30 January 2012.  The PPSR now becomes the register for a whole range of security interests in personal property which previously were registered under particular Commonwealth, State and Territory laws. 

Most notably, the PPSR now becomes the repository for registration of security interests over corporate assets.  The PPSR does not deal with security interests over land and buildings and certain other exempt items.

All businesses should now carefully consider which of their transactions should be registered on the PPSR.

In addition, in order to ensure that they get the maximum benefit from the protections offered by the new Personal Property Securities Act (“PPS Act”), businesses should consider:-

•  what trade agreements need amendment;
•  what business procedures need to be introduced; and
•  what staff should be retrained;

in order to ensure that they get the maximum benefit from the protections offered by the new Personal Property Securities Act (“PPS Act”).

The new law not only covers corporations but also individuals and extends to what would normally be regarded as “consumer goods”.

Moores Legal is ready to provide all the advice you need to ensure that registrable transactions are registered so as to obtain the protections afforded by the new law.