The Personal Properties Security Act 2009 (Cth) came into effect on 30 January 2012. In broad terms the PPSA is legislation about security interest in personal property (chattels). The PPSA established the Personal Properties Security Register (PPSR) as a single Australian register where details of security interests in personal property can be registered and searched (for an overview of the PPSA and PPSR refer to our ‘start here’ page).
There remains a large part of the business community that has a very limited understanding of the operation of the PPSR and how it applies to their business.
We have found when providing advice on PPSA and PPSR and how-it-works, our work can be divided into four parts:
Our PPSA Clients
Clients that have found our advice particularly helpful, generally fall into the following groups:
- Wholesale and retail businesses that supply goods on credit;
- Rent/Hire Companies((Equipment/Plant/ Vehicle etc);
- Construction companies;
- Company Groups with inter-company loans and use of equipment.
These clients have used the range of services we offer. To help potential clients understand the PPSA and PPSR process, we outline our services and the various components involved in each area.
Our PPSR expertise allow us to provide advice work to a range of business sectors. The advice includes the following:
- Identify PPSA risks;
- Provide the client with a PPSA strategy including:
- Recommend steps to save existing personal property at risk;
- Recommend steps to protect personal property going forward;
- Implementation of PPSR strategy
Once we have provided an initial letter of advice, including a PPSR strategy and recommendation(s), we prepare the required documentation to implement the PPSA strategy.
The implementation of strategy often includes drafting of the following:
- Security Agreements;
- Terms and Conditions (including PPSA clauses); and
- Hire Agreements.
The next phase of PPSA work is to register the relevant security interest. We currently offer PPSR 1 on 1 registration training sessions for a fixed fee of $595 (including GST). We also register security interest on the PPSR on behalf of the clients. See here for more details on our PPSR training fixed fee package.
Enforcement of PPSA security interests becomes necessary and primarily arises in scenarios where a security interest is an interest in personal property that secures payment of a debt. Should a debtor be in default or become insolvent, it becomes important for the holder of the security interest to take enforcement steps including steps to:
- Seize the collateral;
- Dispose of the collateral; or
- Retain the collateral.
Enforcement steps may include civil proceedings in either the District, Supreme or Federal jurisdictions.
If you are keen to know more about this area, we provide you with information from:
Contact Brisbane PPSA and PPSR lawyers
To book an appointment to start your process today. Call (07) 3252 0011.