What have you done about the Personal Property Securities reform?
Are your valuable assets registered and protected on the PPSR?
The Personal Property Securities Register (PPSR) has brought a significant change to the way you can manage your credit and security interests. PPSR marks one of the largest changes to the credit industry in over two decades. The new, national system that has been introduced, has removed many limitations of the previous system and all electronic and paper registers have been migrated to the one singular PPSR structure. The PPSR is designed to make it easier and cheaper for credit providers to register and protect security interests over a variety of assets that may not have been secured in the past.
Ensure your businesses are not at risk! Security interests must be registered on the PPSR in order to ensure a high level of protection for assets.
Prior to 1 February 2012, the rules for registering a security interest in each state and territory of Australia were different, as each had its own set of rules and regulations as well as numerous separate registers. The new centralized system of the PPSR allows lenders and businesses to register and search their personal security interests online and in real time in one data base.
Additional benefits of the PPSR include:
- Protection of title
- Proactive risk management
- Insolvency protection
- Improved asset valuation
- Dividend increases
- Improved credit and data quality
How do you register your interest in the PPSR?
Registering your interest in personal property or business assets is quick and simple. Through Shelcom’s online search portal, you can now register assets in just 15 minutes.
Searches for current registered securities is also available online at- http://www.shelcom.com.au/search
Registering a company’s assets on the PPSR can mean the difference between protecting the business, and putting the business at risk.
If you have any queries on registering assets on the PPSR through Shelcom or any general queries about the searching the register please don’t hesitate to contact our office on 1300 722 796 or via email at companies@shelcom.com.au