PPSA Financing Statement
The new Personal Property Securities Register went live throughout Australia on 30 January 2012. Based on the Personal Property Securities Act of 2009, it’s a single national register implemented to replace more than 40 existing Commonwealth, Territory and State systems.
The wide-ranging rules and regulations that previously governed personal securities meant many faced confusion and escalating costs. The new register is designed to streamline matters, enabling individuals and businesses to enjoy the best possible opportunity to raise capital from their personal property.
Businesses and individuals register their security interests, while interested lenders and other secured parties can then search for specific personal securities and assets.
While ppsr.com.au can’t register interests on your behalf, we can provide great tools to help you do so. We need just three pieces of information to get you started:
- The name of the security interest’s grantor
- The collateral that forms or will form the subject of the interest
- The name of the secured party
A PPSA financing statement supports the registration of a security interest under the PPSA legislation.
It’s important for you to ensure any information entered into the PPSR is accurate, so property can be quickly and accurately identified in the case of insolvency. Incorrect information results in the registration of your interest becoming invalid, for which ppsr.com.au cannot be held responsible.
Searching the register with ppsr.com.au is a cinch. Search by:
- Registration number
- Serial number
- Ordinal search
The ppsr.com.au service enables you to easily track your interests. Products available via IQ Connect include registration retrieval, registration amendment and registration discharge. You can even transfer all registrations with just a few clicks.
We advise all clients to seek independent legal advice if they’re unsure about the effect of PPS legislation on their interests.