The Personal Property Register (PPSR) is a national and electronic register of real property security rights set up on January 30, 2012.
What does PPSR cover?
PPSR check all types of personal property, with the exception of property.
If you have an interest in personal property that guarantees payment of a debt or other obligation, you can protect your interest in that property by registering it in the PPSR.
What if I cannot register an interest in PPSR?
Failure to register a security interest in PPSR or failure to record in time may result in the loss of the right to a security law if the grantor becomes insolvent, loss of priority over other protected subjects if another person (a security) Subsequent interests) register your interest in PPSR in front of you and, in some cases, the loss of super-priority available in some cases
If the Grantee is a company, Section 588FL of the Corporations Act 2001 (Cth) states that it is necessary to register its security interests within 20 working days after the effective date of the warranty contract that gave rise to the right to security.
The Personal Property Values Act 2009 (Cth) (PPSA) also provides PMSI registration deadlines based on the type of collateral.
Regardless of the security interest rate, you must register as soon as your interest in PPSR to ensure that your rights are protected.
Are you sure you care about me?
If you are in business and are engaged in selling or supplying goods, you may already be influenced by the PPSR check. If you are thinking of being involved in this type of activity, it is also essential that you understand how PPSR works to make sure you do not inadvertently check out by not recording your interest or stop doing it on time.
The PPSR’s operation captures a wide range of business activities. For example, if you are involved in one of the following activities, your PPSR may affect your business:
Wholesale or sale of products in the preservation of title terms;
Assumption, rental or leasing of goods;
Construction or construction;
Buy or sell second hand products;
Automotive services or supply industry;
Sell art or other goods in account
Collect funds using your shares or other assets as collateral / collateral for any loan; is
Working as a consultant for clients participating in any of the above activities.