PPS Regime reminder
Just a reminder that the Personal Property Securities Register is now active for the purpose of registering details of security interests in personal property. The website is www.ppsr.gov.au.
For the purpose of making use of the Registrar it is important to:-
- Review your terms of trade to ensure they have appropriate retention of title provision;
- Obtain accurate details of your customers including ABN, ACN and names and dates of birth for the purpose of registering effective financial statements;
- Obtain unequivocal acceptance from each customer, preferably in writing, of your terms of trade and have systems in place to prove this;
- Ensure protection for you by registering a financing statements within the time frame specified under the Act being:
a) when the customer is on-selling or consuming the collateral as raw materials – security must be registered before it takes possession of goods;
b) otherwise, it must be registered within 15 business days of the purchaser taking possession.
- Put systems in place to facilitate tracing unpaid invoices to the particular goods supplied so you can trace precise goods supplied to unpaid invoices; and
- Put systems in place to respond to any Requests for Information or Amendment Demands in relation to financing statements within the time frame (including 5 business days) prescribed.
If you require any further information please do not hesitate to contact Stephen Curtain or Michael O’Brien.