New Personal Properties and Securities Register business guide
– An owner of personal property?
At a glance:
– A new Personal Properties and Securities Register (PPSR) business guide has been released by the Australian Financial Security Authority.
– Read the business guide carefully for your own benefit.
– Contact us if you require any clarification or advice.
The PPSR is a 24/7 national online register that includes information on whether interest has been claimed on any personal property.
Personal property includes the following other than land, building or fixtures:
- Motor vehicles, boats or aircraft;
- Crops, cattle and other livestock;
- Stock in trade, artworks and equipment;
- Other goods;
- Intangible property; and
- Financial property.
The PPSR can help protect individuals or businesses that have registered their claim for an interest on goods that have been sold or hired out in the case the buyer or hirer goes broke or defaults.
The PPSR business guide may be helpful when:
- Selling goods on retention of title;
- Hiring, renting or leasing out goods;
- Buying or selling valuable second-hand goods or assets;
- Raising finance using stock or other assets as collateral; and
- Working as an adviser to clients who conduct these activities.
For a copy of the guide, click here.
For more information, click here.
– The guide may be useful for personal property transactions.