Holders of security interests over personal properties should
record their interest on the Personal Property Securities Register
(PPS Register) before 1 February 2014 to ensure
that their security interests are enforceable and that they do not
lose priority to competing interest holders.
The PPS Register is a register of security interests over
various types of personal property. The PPS Register replaced
numerous existing Federal and State registers on 30 January 2012.
Security interests must be "perfected" to be enforceable
and to obtain priority against competing interests. For example, a
creditor with an unperfected security interest loses priority to a
creditor with a perfected security interest and becomes an
unsecured creditor on insolvency of the debtor, even if the
unperfected security interest existed before the perfected
interest. Security interests are perfected by registration on the
PPS Register.
