If you answered yes to any of these questions you need
to understand the impact of the new Personal Property Security
rules.
From 31 January 2012 if you do not register your interest, your
security may be useless and title and ownership of goods you
supply, or equipment you rent, may be lost.
The Personal Property Security Legislation is intended to create
a simple online registration system for all security interests. It
applies to goods but does not apply to land interests.
The main areas of application are:
1. Retention of Title ("Romalpa")
clauses.
These are clauses in your contracts of sale that allow you to
keep title to goods that you sell until they are paid for. If your
debtor defaults you may take back the goods. Your title has
priority over liquidators. Under the Personal Property Security
Rules you will need to register your contract (one registration
covers multiple sales to the same customer) for all new contracts
after 30 January 2012
