Asset Protection & PPSA

Asset Protection & PPSA

The PPSA has introduced a single national regime and register for the recording of security over assets. This nationwide system regulates the creation, priority and enforcement of security interests held over very many various types of assets, such items being referred to under the PPSA as personal property.

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The PPSA

The PPSA has introduced a single national regime and register for the recording of security over assets. This nationwide system regulates the creation, priority and enforcement of security interests held over very many various types of assets, such items being referred to under the PPSA as personal property.

Since the PPSA’s introduction any entity that holds a security interest in an asset must register or risk the loss of that asset on the insolvency of the party in possession of your personal property.

If you own a business, it is important that you understand how the PPSA works and ensure that you allocate resources to establish a system to manage the registration of your security interests.

Beck Legal can assist by understanding your business, putting in place the appropriate structures, developing the necessary documentation and by establishing a procedure for the registration of security interests of which we can facilitate security interest registrations on your behalf.

What to do

When entering into any arrangement in which you either offer finance or credit terms or part with possession of assets in which payments are still due or those assets are to be retuned, then we will help you by:

  • Explaining the PPSA in plain English.
  • Develop tailored documentation to protect your interests.
  • Ascertain the details of the other party or parties who you are taking security over.
  • Establish the systems for issuing documentation and verifying supplied information.
  • Correctly register a security interest within the specified time frames.
  • Work with you to keep the register updated if additional assets are financed or supplied.

It is also important to ensure that the register is searched when purchasing personal property from someone who would not ordinarily in the course of their business sell those assets to a customer so as to ensure that the personal assets are not subject to a registered security interest.

Beck Legal has extensive experience implementing systems and procedures for PPSA compliance across many industries. We can provide as little or as much assistance as required to help you protect your business from financial loss.

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