PPSA / PPSR – title is no longer “king” – get specialist legal advice today

The Personal Property Securities Act 2009 effectively commenced from the registration commencement time of 30 January 2012.

The PPSA regime turns long held understandings on their head.

For example:

1. If your personal property is hired or licensed or supplied to another and the recipient becomes insolvent, and you don’t have a perfected (usually by registration) interest in your property under the PPSA, your ownership vests in the insolvent entity, even if you haven’t been paid.

2. If you supply goods and rely of retention of title (ROT) rights as security, and your customer becomes insolvent, and you don’t have a perfected (usually by registration) interest in your property under the PPSA, your ownership vests in the insolvent entity, even if you haven’t been paid.

That’s right, your ownership interest moves to the insolvent person or entity, and the insolvency administrator is able to then sell the property and keep the proceeds. You the owner, miss out entirely.

Act today to get some good legal advice for one of our solicitors on this. We have developed a fixed fee PPSA High Point legal advice conference tailored to your enterprise. We offer this by phone wherever you are in Australia or face to face.

Read more about the PPSA and PPSR in our Legal Resource Centre.

About the Corney & Lind law firm and specialist lawyers

Our legal team has enough depth for specialisation but is small enough to ensure that personal attention and responsiveness to the needs of our clients is maintained.

Leave a Reply

Your email address will not be published. Required fields are marked *