Personal Properties Securities Law
Have questions about personal properties securities law? We can help.
Introducing the Personal Properties Securities Act
The introduction of the Personal Properties Securities Act brought many positive changes in the law of security interests, but also much confusion. Don’t worry, we’ve been asked every question – what is it, how do I register, why should I register?
In broad terms, the Personal Properties Securities Register covers the situation where a lender takes an interest in personal property as security for the loan and registers that security interest. For example, if you have provided credit for goods, you should look at registering your interest in those goods. If the debtor does not or cannot pay for the goods, you may be able to repossess the goods or receive payment for them. It is also a good idea to search the Register when purchasing second-hand goods, as they could in turn be repossessed by a lender if there is a prior security interest on them.
What can go wrong?
Common PPS issues relate to:
• Registering goods and incorrect registrations
• Releasing security interests over goods
• Existing security interests held over assets to be purchased
• Priority disputes
• Ineffective contractual rights to register
We're here to help
Our experience PPS lawyers can help you with:
• Registering interests
• Advice in relation to competing security interests
• Advice in relation to enforcing security interests
• Drafting adequate agreements to enable registration
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The federal government has introduced the Personal Property Securities Amendment (PPS Leases) Bill 2017 into the House of Representatives. This bill proposes to make some significant amendments to the Personal Property Securities Act 2009 (Cth) with respect to leases for goods. We anticipate that it will be passed by both houses in the not-too-distant future. If a lease for goods…Read More
Have you received a payment from a debtor company just before they went into liquidation? Has the liquidator contacted you to ask for repayment of the payment on the basis that it was an unfair preference payment? If you were registered on the Personal Property Securities Register, you may be able to keep the payment!…Read More