Personal Property Security Register – No More Excuses
Do you have a security interest?
Is your security interest registered on the Personal Property Security Register?
With many individuals and companies still struggling to understand the implications of the Personal Property Security Register (PPSR), it is crucial that people who have a security interest in property take it seriously or risk losing their security interests.
With the PPSR transitional period set to end on 30 January 2014, those who have been granted a security interest before 30 January 2012 need to ensure those interests are registered on the Personal Property Security Register.
Failure to have a security interest registered on the PPSR will mean that those interests will be unenforceable if a subsequent security interest holder registers an interest on the PPSR. This is particularly relevant for those who are engaged in the business of:
- Leasing and hiring equipment;
- Supplying goods based on retention of title;
- Mortgaging equipment; and
- Charging individuals or companies property as security for loan repayments.
To ensure you are protected it is important you search the Personal Property Security Register.
Although some security interests prior to 30 January 2012 have been migrated onto the Personal Property Security Register (eg. charges registered on the ASIC Register of Company Charges) others may not have. Even where charges have been ‘successfully’ migrated onto the Personal Property Security Register, issues have arisen during the migration process which mean there is no guarantee that all migrated charges are properly registered on the PPSR.
To check a security interest is registered on the PPSR click here.
Before searching the online register you will need to set up an account. Once you have an account and pay a small fee you can search by serial number, individual or by company to locate a security interest.
Failure to search the PPSR register and register missing interests means you risk losing your security interest all together.
For more advice on searching and/or registering a security interests please contact our Commercial Property Team at Bradley Allen Love Lawyers who will be happy to assist.