On the 30 th January 2012 the Personal Property Securities Register (PPSR) went live. The PPSR is a new national register of personal property that allows lenders AND suppliers of goods to ‘register’ their security interests on a national online electronic register, thus becoming ‘secured’.
These ‘secured’ parties, buyers, or in fact other interested parties are able to then search the PPSR to determine if a security interest has been lodged over the particular goods (Personal property).
The Personal Property Securities Register is legislated as the Personal Properties Securities Act 2009. Many Commonwealth and State registers have been closed and their information migrated to the PPSR. For example, ASIC and the vehicle securities register of each State are amongst many previous registers that are now part of the PPSR.
Does this new National Register affect you or your business?
If you supply goods on terms, then you may make the decision to register those goods on the PPSR so that in the event of your customer ‘going bad’ before you are paid, your debt will be secured and rank above the unsecured suppliers. For more detailed information Check out the PPSR web site here.