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ARTICLE · 19 DECEMBER 2011

The PPSA is coming - Are you ready for the changes in ownership rules?

Cooper Grace Ward
Cooper Grace Ward
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The PPSA will bring changes to business, protecting client business assets and the ownership of personal property.

AustraliaFinance and Banking
David Grace
David Grace
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The Personal Property Securities Act 2009 (Cth) (PPSA) comes into effect on 30 January 2012 and brings sweeping changes to business, how you will go about protecting your clients' business assets and the ownership of personal property.

The PPSA will also do away with a number of public registers such as the ASIC charges register, bills of sale, and REVS, which will all cease when PPSA commences and will create the PPS Register. Failure to properly register an interest in assets on the PPS Register may result in your clients having no claim over their assets in an insolvency ? even if your client owns them.

If any of your clients:

  • are financiers or provide vendor finance;
  • sell goods on credit;

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