Is your business protected under the Personal Property Securities regime?

Do your commercial dealings involve:

• Hire purchase agreements?
• Equipment leases?
• Consignments?
• Conditional sale contracts?
• Retention of title arrangements?
• Chattel mortgages?

For many businesses, security interests such as those listed above lie at the heart of contractual relations with suppliers, customers and end-users.

As of 30 January 2012, Australia's new centralised personal property securities register commenced operation.

Although there is a transitional period for security interests in existence prior to 30 January 2012, there is no such temporary protection for security interests arising after implementation. With the new regime now operational, we urge businesses to immediately audit their internal practices and commercial documents to ensure preservation of their security interests.