You May Need To Renew Your PPSR Registration
Time is up! It has been 7 years since the inception of the Central Registry, developed as a result of the Personal Property Securities Act 2009 (PPSA). If you registered at the time, you may need to renew your PPSR registration, if you are not sure, just let us know, we can help!
What is PPSR?
If PPSR sounds like just another finance term that you are not familiar with, take comfort that you are not alone. The PPSR registry allows you to check if a personal property you want to purchase has any security interest attached to it. Personal Property is a legal term for any property that is not land, buildings or fixtures.
The Registry was introduced in January 2012, which means if you registered at the time and selected the “seven years or less” category then, more than likely your registration has lapsed or will do very soon. If it has lapsed, you will need to re-register to ensure you are covered.
If you no longer have an interest over the property, i.e. no monies are owing and it’s not an ongoing supply of stock arrangement, then you can withdraw your registration.
Purchasing a Business or Personal Property
The Registry makes it nice and easy if you are looking to purchase a business or personal property. For instance, if you are looking to purchase a business, there is a single, national online register that shows you whether someone is claiming an interest against goods or assets, that may be included in the purchase.
Don’t forget you can also make a registration, so others know when you have retained an interest in goods you are supplying. This means that if your customer does not pay, or goes broke, you are in the best position to get your goods, or their value, back. There are lots of ways the PPSR can be used and whether you are reviewing your structure set up, buying or selling a business, we can help to make sure you are protected! Get in touch with us today by contacting us on 07 3226 1800 or sending us a message through our Contact page.
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