Since 30 January 2012, the Personal Property Securities Register (“PPSR”) has replaced a number of State, Territory and Commonwealth government registers, such as those relating to:
- bills of sales;
- fixed and floating charges previously registered with the Australian Securities and Investments Commission;
- chattel mortgages; and
- security interests in motor vehicles (e.g. REVs and VSR)
The new system aims to inform interested parties of the true ownership of goods other than land, that are subject to a security interest, but are in the possession of a party other than the owner. Importantly, the legal owner of goods other than land could lose property rights to the relevant goods in certain circumstances if the relevant security interest is not registered with the PPSR. Therefore, it is essential for clients to ensure that their security interests are registered with the PPSR as appropriate.
Rowe Bristol Lawyers is experienced in advising and assisting clients with respect to the PPSR, including:
- providing advice as to circumstances when registration with the PPSR is necessary;
- drafting and advising on contractual clauses in relation to the PPSR;
- representing clients with respect to enforcing security interests registered with the PPSR;
- representing clients with respect to resisting claims made against a client’s security interest;
- registering security interests with the PPSR; and
- releasing security interests with the PPSR.
If you require legal advice in relation to the PPSR, please contact us to arrange a meeting so that we may consider your specific circumstances.
The above information is provided as general information only and should not be relied upon as legal advice. The accuracy of this information may have changed from the date when it was published.