Personal Property Securities Act - should you register your security interest?

The Personal Property Securities Act 2009 (PPSA) and related Personal Property Securities Register (Register) commenced on Monday, 30 January 2012. As advised previously, the PPSA will enable certain types of security interests, which were previously not able to be registered, to become a registrable security interest.

All existing security interests which were previously created and secured by way of a fixed and floating charge or similar mortgage and are registered on a current securities register will be 'migrated' across to the new PPS Register. However, there are numerous types of security interests over 'collateral', which were not previously able to be registered with ASIC or on various State based securities registers.

We recommend that you carefully consider each of the commercial arrangements you currently have in place and whether any of those arrangements may have created a security interest which ought to now be registered to protect your priority position.

If you are unsure of whether you should register your security interests or would like more information about the new PPSA regime, please contact a member of our Personal Property Securities Team below.

Ian Beattie | Partner
Direct 61 3 9288 0689
ian.beattie@maddocks.com.au

Michael Johns | Partner
Direct 61 3 9288 0624
michael.johns@maddocks.com.au

Scott Mannix | Special Counsel
Direct 61 2 9225 6274
scott.mannix@maddocks.com.au

Paul Ellis | Senior Associate
Direct 61 3 9288 0524
paul.ellis@maddocks.com.au