The Personal Property Securities Act (Cth) 2009 (PPSA) introduced a national set of rules for taking security over personal property – property other than land.
The new rules impact a wide range of commercial activities, often in unexpected ways. If you are engaging in any of the following types of activity, you need to consider the impact of the PPSA, or risk drastic consequences.
- Leasing, bailing, consigned or hiring personal property
- Selling goods using retention of title/conditional sale arrangements, e.g. sale of grain, livestock or equipment on terms
- Growing crops on a third party’s land, or financing crops
- Lending money to fund the purchase of personal property, including within your family or family business entities
- Buying, selling or leasing real property where fixtures, fit-out or other plant equipment is included
For all complex commercial transactions, we recommend seeking advice about the impact of the PPSA. Commins Hendriks has an experienced team of commercial specialists available to help guide you through the requirements of the PPSA.
As part of the changes a national online register, the PPSR, was established for the registration of all security interests in personal property. Our team can do your registrations and searches for you to identify whether personal property is encumbered or otherwise subject to a security interest.
For more details and assistance, please contact 1800 643 779 or a member of our specialised team.