The rules have changed, are you compliant?
The LexisNexis® Personal Property Securities in Australia service is a practical guide to assist you with ensuring compliance with the PPS reform that came into effect on 30 January 2012.
Whether you are reviewing PPS documents or practices to ensure that interests are secured, drafting new PPS contracts, or concerned about the reform's impact on specific transactions that you engage in, Personal Property Securities in Australia will:
NEW - PPSA precedents are now available for purchase on the eStore - click here for more information and to download complimentary sample precedents
PPS Register commenced on 30 January 2012
The new national Personal Property Securities (PPS) Register commenced on Monday 30 January 2012 and is an online register of all personal property that has security interests registered against it.
Accordingly, from 30 January 2012, all applicable security interests must be lodged with the PPS Register and any new security interest must be registered on the PPS Register to have priority against other creditors. The PPS Register is an online service and accessible to search and register security interests 24 hours a day, seven days a week and is administered by the Insolvency and Trustee Service Australia (ITSA).
Security interests which were previously registered on 23 State and Commonwealth registers including the ASIC Register of Company Charges and NSW Register of Encumbered Vehicles were migrated to the national PPS Register in time for its commencement on 30 January 2012.
If an existing security was on a register but has not been migrated, there is a 24 month period from 30 January 2012 to register it on the PPS Register.
For more information, visit www.ppsr.gov.au.