The Personal Property Securities Act 2009 ("PPSA") introduced a new concept of "security interest" and regulates any "security interest" in "personal property".
The scope of what can constitute a security interest under the PPSA is wide-ranging. Most forms of tangible and intangible property, including all machinery and equipment, inventory, motor vehicles, shares, book debts, receivables, stock, crops, trademarks and patents are personal property.
If you do not protect your existing or future rights in personal property you risk losing your security interest in that property. By way of example, you could lose:
The general rule of thumb is simple, if you own any personal property and it is not in your sole possession, then you need to protect your rights under the PPSA but registering a security interest on the national register.
Connolly Suthers can provide you with comprehensive and specific advices on the PPSA and can assist you with preparing, updating or amending any security agreement. A security agreement may include your business terms of trade, hire agreement, agistment agreement, or other form of agreement.
If you can answer yes to any of the questions below, you should contact us to discuss how the PPSA may affect you.
If your answer to any of the above is yes, it is likely that the PPSA will affect you. The list of examples is not exhaustive and any person or business that deals in personal property should carefully consider the impact the PPSA may have.
If you require further assistance with any matters relating to the Personal Property Securities Act 2009, please call or email: