In this uncertain economic climate in Australia, CreditorWatch’s PPSRLogic tool is helping businesses protect themselves from customers who might be unexpectedly wound up and also from unfair preference claims. It is more important than ever to protect your security interests on the Personal Property Security Register (PPSR) and ensure your registrations are correct. Unfortunately, many businesses that have registered on the PPSR are not actually protected due to errors in their registrations.
Who is the PPSR for?
The PPSR is essential for any business that supplies goods on credit terms; leases, rents or hires out equipment; or accepts personal property as security for outstanding debt. For instance, construction and mining companies that sell, lease or hire plant and machinery would need to register their goods on the PPSR. The same applies for wholesale and manufacturing companies that sell goods on terms (other than cash on delivery) to retailers for on-sale to the public or as materials for use or installation.
The danger of incorrect registrations
Although more companies are realising the importance of the PPSR, many are losing out due to incorrect or incomplete registrations.
Our PPSR specialists recently conducted a review on a major multinational corporation that was registering its security interests directly on the government PPSR portal. We found:
- Thousands of active registrations without any means of monitoring when they would expire (some were expiring at the end of the year)
- A significant portion of their ledger had not been registered
- More than half of registrations were void due to incorrectly selecting one option
- Some of their registered entities had cancelled ABNs, deregistered ACNs, were under external administration or had a strike off action in progress.
These errors are very costly to rectify. Yet, this situation isn’t unusual. Out of all the customers we’ve onboarded onto PPSRLogic, approximately 80% of them had errors with their initial registrations.
The government’s PPSR portal is notoriously complicated and difficult to navigate, often resulting in registration errors. One wrong detail could void your protection. It is therefore vital to ensure that all parts of your registration are correct – this is where PPSRLogic comes in.
How can PPSRLogic help?
PPSRLogic is our award-winning portal that simplifies the way you create, manage and renew your PPSR registrations. It provides a streamlined solution to help Australian businesses save time and money by ensuring their registrations are correct and complete.
- Compliance and accuracy: Register, amend and renew correctly. Conduct a Portfolio Health Check to ensure that your database information is accurate.
- Monitoring and alerts: Get notified about missing, incorrect or duplicate information in your registrations (like ABNs, ACNs and addresses). CreditorWatch also monitors your entire ledger and alerts you about customers with adverse credit information such as registered defaults, court actions, insolvency notices and mercantile enquiries.
- Renewal reminders: Get alerted when registrations are about to expire. Never miss a renewal, even when properties have been registered for different terms and across different dates.
- Increased efficiency: Bulk registration enables you to upload or discharge multiple security interests at once. Create customised templates for common registrations. Make amendments without creating new registrations.
- Seamless transition: PPSRLogic is integrated with CreditorWatch and ApplyEasy, enabling you to import your existing registrations quickly and easily.
PPSRLogic makes it accessible and affordable for all businesses to register their security interests. If you’re interested in getting a PPSR review for your business, get in touch with me at paul.mead@creditorwatch.com.au.
