Personal Property Security Act

The Personal Property Security Act (PPSA) replaced a number of existing registers including the ASIC Register of Charges and the Register of Encumbered Vehicles.

The PPSA applies to debentures, chattel mortgages, retention of title, hire purchase, leases exceeding one year, assignment of debt, consignments and security trust deeds.

Security over an asset should be registered on the Personal Property Securities Register and failure to register an interest in an asset may result in you or your business having no claim over the asset in an insolvency scenario. The PPSA also provides for the determination of priority between multiple security interests in the same personal property.