PPSA End of the Transitional Implementation
The PPSA or Personal Property Securities Act Register is a replacement for the ROMALPA clause inserted into agreements and protects the interest of a creditor where a debtor goes into insolvency or is unable to pay its debts, for many businesses, this means that you have some chance of recovery for unpaid goods.
Have you been placing your customer’s into PPSA agreements? Did you realise that at the end of January these agreements must be registered or otherwise your security may be worthless?
The transitional period ends at the end of January which means that any arrangement you have in place must be in the register in order to be perfected. Placing a security interest on the register is not difficult but it is prudent to ensure that your customers are aware of the process and have agreed to the security interest being placed.
We can walk you through the process to ensure that your interests are protected, this will include placing your interests on the register, drafting the necessary agreements to protect your interest and even following with debt collection action where required.
Contact us on 1300 ADS LAW for more details.