Personal Property Securities Register
The Personal Property Securities Act (PPSA Act) and Personal Property Securities Register (PPSR) are all about the registration of your assets (the secured party) to protect against the possibility of the debtor (the grantor) falling into hard times, business failure and hence insolvency.
Registration of your interest can insure against losing the value of your interests.
- When selling on retention of title or consignment, or hiring or leasing out goods
- Properly registering can protect your interest should any of your customers not pay or go broke
- If that happens, being registered can mean you’re first in line to get your goods or money back, instead of at the back of the queue (and possibly getting little or nothing back after a lengthy insolvency process)
- As a case example, a grain broker recently went broke and the grain growers who had registrations listed against the broker recovered their entire debt owing from the crop.
- Unregistered suppliers are only expected to get 10 cents in the dollar of the amount they are owed!
What sorts of things are noted on the Personal Property Securities Register?
The PPSR is a national online noticeboard of interests in almost anything of value – except for land, buildings and fixtures.
- Motor vehicles, boats, or aircraft
- Crops, cattle and other livestock
- Stock in trade, artworks and equipment
- Other goods, new or second hand, whether owned by businesses or individuals
- Intangible property, such as patents, copyright, commercial licences, debts and bank accounts
- Financial property such as shares, cash or cheques
Courtesy of and Copyright – Personal Property Securities Register Asset Protection
If you have any further questions about the PPSR or require any other accounting advice, please contact us here.