Securing personal property for credit is an integral part of Australian business. It is now nationally regulated by the Personal Property Securities Act (PPSA).
WHAT IS THE PPSA?
The PPSA provides for the obtaining of a ‘security interest’ over most tangible and intangible property (except land and certain excluded property) and is accessible online at any time. Generally, a security interest is given to secure payment or performance of an obligation under a:
- Agreement; and/or
The PPSA was a significant law reform that came into effect on 30 January 2012 and created a national register called the Personal Property Securities Register (PPSR). The PPSR now records over seven million consumer and commercial registrations and is a useful tool for consumers and businesses alike.
HOW IS THE PPSA RELEVANT TO YOU?
The PPSA is important to most businesses, and is particularly important to businesses who:
Offer goods or services on credit or delayed settlement, Contract with other businesses, Lease goods; and/or, Hire goods.
HOW CAN PPSA DISPUTES ARISE?
Generally, disputes in relation to the PPSA will arise in relation to:
- Identification of security interest;.
- Registration of security interests;
- Priority of interests under liquidation/ receivership;
- Priority of interests under voluntary administration;
- Selling, altering, damaging or changing property subject to a security interest; and or
- Discharge of security interests.
HOW CAN WE HELP?
Given the relatively recent introduction of the PPSA, it is important that your business adequately complies with its requirements. We can assist in bringing your business in line with the PPSA through advising on:
- Existing security interests;
- Future security interests; and
- Training/ assistance in registering and managing security interests.
- Security interests are often the subject of litigation. When this happens, it is important that you have a proper understanding of the applicable laws.
The litigation and dispute resolution team at Ramsden Lawyers understand the difficulty for businesses to stay up to date with new legislation and how time consuming and costly this can be to your business. The Gold Coast team has extensive experience in PPSA Litigation and is here to assist you in making sure your business is up to date in a cost-effective and timely manner.
Additionally, if you are facing or pursuing a PPSA dispute, the team is well equipped to assist you in the matter. Lead by Specialist Accredited Litigator and Partner, Benjamin Twomey, you can be assured that the team will utilize their resources to find a solution in line with your desired outcome.
HOW CAN PPSA DISPUTES ARISE?
Contact us today on (07) 55 921 921 to schedule a consultation on the Gold Coast. The litigation and dispute resolution team will use their experience in PPSA Litigation to assist you in any dispute or in making sure your business conforms with the PPSA.
For further Information on the PPSA see: