A vital component of doing business in Australia is the PPSA (Personal Property Securities Act 2009) in which security interests are registered under the PPSR (Personal Property Securities Register). PPSR is necessary for anyone who supplies goods to other businesses on credit terms; leases, rents or hires out goods; or accepts personal property as security for outstanding debt.
Retention of Title clauses in supplier contacts are not enough to protect your goods. The PPSA protects your financial interest in goods in a way that if the debtor goes into administration or liquidation, you will not have to compete with unsecured debtors. A correctly registered (perfected) security interest will take priority. If you don’t register, and the debtor goes into administration often your collateral will form part of the assets to be managed under it is nearly impossible to claim anything at all.
You can choose to list your non-perishable goods on PPSR for 7 years, 25 years or indefinitely. As the traditional period for registrations commenced in 2012, the Attorney General’s office is expecting an influx of 7-year PPSR renewals in early January 2019. Now is the perfect time to sort your registrations.
Another key fact about PPSR is that it is important to ensure that the details are accurate. One wrong detail could void your protection. CreditorWatch Datawashes can ensure that your information is correct.
Benefits of PPSR with CreditorWatch
- Best in Class Technology – CreditorWatch offers a simple and streamlined solution to suit all businesses.
- Bulk Registration – Save time! Provide a list of ACNs and ABNs and register multiple personal property interests at once!
- Renewal Reminders – Ensure you never miss a renewal. This is useful for when properties have been registered for different terms and across different dates.
- Tools to Manage Registration – Tools will allow you to see what registrations are current as well as discharge or amend registrations.
- Competitive Rates – CreditorWatch prides itself on making important services like the PPSR affordable for companies of all sizes.
- Compliance and accuracy – Register, amend and renew correctly
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