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

by Andrew Lind on 16 February, 12

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.

{ 0 comments… add one now }

Leave a Reply

Your email address will not be published.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

*

*

Terms & Conditions

Law Experts content including responses to your questions and comments provides legal information, tips and hints. The content on this site is not legal advice. That’s good, because there’s no risk of getting a bill by making a comment, asking a question or just contacting us.

You agree that any comment or question that you may ask may be published on this site, after editorial review, for the benefit of future readers. Our editors may edit comments in their discretion. For example we will would seek to remove information that would identify you.

The Corney & Lind lawyers (law experts) are of course happy to give legal advice, that’s what they do for a living. However it is only legal advice when you have engaged Corney & Lind Lawyers to provide legal advice for you. Before you do that you want to have an idea of what it might cost and our lawyers are happy to communicate with you about this.

We may change any of these terms and conditions at any time in our discretion by changing them on this page.

You must scroll down the terms & conditions before you can agree.

Previous post:

Next post: