The Personal Property Securities (PPS) Register is an essential legal tool for individuals and businesses. Developed to streamline and enhance the security of personal property transactions, the PPS Register can provide you with a reliable and efficient means of securing various assets and interests. This article aims to highlight key aspects of the PPS Register and explain how it can allow you to make informed decisions and proactively protect your interests in today’s evolving business landscape.
Overview of the PPS Register
The PPS Register is a publicly accessible database that facilitates the registration and searching of security interests in personal property. The register is managed by the Australian Securities and Investments Commission (ASIC) and provides a single online place for you to:
- register your security interests in personal property to protect those interests; and
- search to see if a security interest covers certain personal property.
Benefits of the PPS Register
The PPS Register offers a range of benefits. Here are some of the key advantages:
- Registering assets on the PPS register establishes a priority claim on those assets. In case of insolvency or default, the registered party’s interest in the assets will typically take precedence over unregistered interests. This means that if multiple parties claim rights to the same asset, the registered party will have a stronger legal position.
- By registering on the PPS Register, you can assert your right to retain ownership of goods until payment is received. This provides you with a safeguard against non-payment and helps to ensure the protection of your valuable assets.
- Conducting searches on the PPS Register allows businesses to assess the financial position of potential clients, suppliers, or partners. This due diligence enables informed decision-making and reduces the risks associated with entering into agreements.
What can you secure on the PPS Register?
You can secure personal property and security interests on the PPS Register.
|Personal Property||Personal Property refers to property other than land, buildings and fixtures to land. It can be tangible or intangible property. Tangible property may include motor vehicles, furniture, plant and machinery and financial property, while intangible property may include licences, intellectual property rights and contract rights.|
|Security Interests||A security interest is a type of right in personal property that can be registered. It is created by a transaction or agreement between two or more parties. The agreement that creates a security interest does not need to be in a specific form, but common examples include:
· secured car loans
· hire-purchase agreements for goods;
· fixed and/or floating charges or general security agreements over company assets;
· retention of title agreements where goods are supplied on credit;
· service contracts where payment is secured by a security interest in particular property; and
How do you register?
To register on the PPS Register, you should:
- Create an account on the PPS Register’s online portal, accessible via the ASIC website;
- Provide the necessary details, including information about the secured party, debtor, and collateral (property or assets); and
- Pay the applicable registration fees, which vary based on factors such as the type and duration of the registration.
The PPS Register offers an effective solution for individuals and businesses seeking to secure their interests in personal property. By utilising the PPS Register, you can enhance your legal protection, manage risks effectively, and establish clarity and certainty in their business transactions. Therefore, registering your interests on the PPS Register is a straightforward process that provides long-term benefits for securing your assets.