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ARTICLE · 28 JULY 2013

Protecting essential business assets under the Personal Property Securities Act: what every construction contractor should know

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Every contractor should know how to secure their right to be paid, and to protect plant, equipment and tools on site.

AustraliaReal Estate and Construction
Daniel Morris
Daniel Morris
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The Personal Property Securities Act: What every construction contractor should know

Every contractor needs to know what steps they can take under the Personal Property Securities Act:

  1. to secure their right to be paid for the supply of goods and services; and
  2. to protect their plant, equipment and tools on site from being seized and sold by the liquidator of an insolvent principal.

Amongst other things, the Act allows a supplier of goods and services on credit to secure payment for the supply if the purchaser or hirer becomes insolvent. This is relevant to building contractors as both procurers and suppliers of goods (building materials, plant and equipment and tools) and services (construction work).

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