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ARTICLE · 21 NOVEMBER 2012

PPSR, I just need to register, right? - potential mistakes with the PPSA

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This article illustrates some mistakes that can easily be made with the PPSR that could potentially prove very costly.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Paul Burness
Paul Burness
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By Kent Vuong

You know about PPSR registration. You might have done a few already. But what can go wrong?

Many mistakes are only identified when something goes wrong. Some mistakes, even large ones, may never be identified when everything goes smoothly. This has been apparent with the introduction of the Personal Property Securities Register ("PPSR") and the Personal Property Securities Act 2009 ("PPSA"). As you will appreciate, the insolvency industry is largely based on something gone wrong. Most commonly, that people have run out of funds to pay their debts. It is only in this situation that everyone starts fighting over ownership and entitlement to the limited assets and the mistakes that have made become apparent.

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