PERSONAL PROPERTY SECURITIES
The Personal Property Securities Act (“PPSA”) made fundamental changes to how business is conducted. Most transactions such as the supply of goods, borrowing of funds, leasing or hiring equipment, or the giving of security will be affected by the PPSA. Businesses are no longer able to rely on retention of title to secure their interests in goods sold but not paid for by customers.
It is essential that all businesses continue to review their business procedures and practices to ensure compliance with the PPSA regime and, where appropriate, register their interests within the relevant timeframe and within the relevant classes of goods.
We have provided significant advice to a number of small businesses, financiers and insolvency practitioners (including liquidators) in relation to the effect of the PPSA on their particular businesses and their security entitlements.
Provide advice to you in relation to the processes and procedures required to achieve PPSA compliance.
Register your security interests on the Personal Property Security Register.
Update your terms of trade and credit application documents to comply with the PPSA.
Advise you in relation to the priority or enforceability of a security interest or defects in that security interest.
Advise you in the event that a debtor has gone into administration.