Personal Property Security Act

Linda Emery - Solicitor

Linda Emery – Solicitor

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

What assets can be registered?

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. 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.

Telephone Linda Emery & Associates for an appointment on (02) 4323 4766.