Business Solutions – Personal Properties Securities (PPS)

Gadens Lawyers are providing a solution for your customers who are impacted by the new Personal Properties Securities Act.

Many Australian businesses – including many of your customers – will be significantly affected by the PPS changes to the law of ownership impacting all kinds of property, except real estate (and a few other exceptions).

Example

Your customer supplies building equipment. Under its business terms, title does not pass until payment. Under existing law, the builder could not sell those goods and give a good title to the purchaser. If a liquidator is appointed to the builder, the builder cannot sell the goods. After the PPS Act commences, the opposite will be the case unless your customer as unpaid vendor has notified its interest on the PPS register.