Personal Property Securities
Our national team provides tailored commercial and practical advice on the Personal Property Securities Act 2009 (Cth) (PPSA) and the Personal Property Securities Register (PPSR) so that you can protect your interests when dealing with commercial agreements, conditional sale agreements, leasing arrangements, hire purchase agreements and retention of title arrangements.
The PPSA is the national Act dealing with personal property and stipulates clear rules for valid security interests and priority rules for competing security interests.
The PPSR is a national online register that allows secured parties to register security interests in personal property such as plant, equipment, motor vehicles, aircraft, boats, intellectual property, shares and inventory (land or buildings are not included).
On the PPSR you can:
- register a notice to show that you have rights over personal property related to a debt or obligation someone owes you
- check to see if someone has registered an interest over personal property you want to buy or lease
We help clients with competing creditor demands when claiming security over an asset and the priority rules defined under the Act. Failing to register, or incorrectly registering a security interest under the Act can result in the party being treated as an unsecured creditor in the event of insolvency.
The Act applies to all aspects of industry in Australia. We advise clients of the risks associated to businesses that operate across all manners of industry including agriculture, construction, corporate trusts, food services, not for profit and charities, property development, financial services, and transport.