The Personal Property Securities Register
Process Serving, Process Servers
The Personal Property Securities Register (the “PPSR”) has been hailed by some as the most fundamental change to credit in the last 150 years – not since 1958 has something this significant been introduced in Australia, that being the Torrens Title system of property registration. The PPSR has replaced over 70 current registers around Australia, including the REVS (Registry of Encumbered VehicleS) check and the division of the ASIC (Australian Securities and Investments Commission) that formerly listed charges and securities over companies.
Technically, the PPSR is a creation of the Personal Property Securities Act 2009 (the “Act”), which was enacted on 30 January 2012, and presents changes to the credit regime that are so fundamental that New Zealand, who enacted a similar regime 10 years ago, are still feeling the impact of the change. The major banks in Australia have invested some $50,000,000 internally in order to ensure compliance with the new laws, and almost anyone with secured finance (apart from security over real property) will have received communication from their financial institution advising them that any secured property has now been listed on the PPSR.
Essentially the Act is geared to protect anyone who gives credit, for anything with either an individual item, or a line of credit whose total is over the value of $5,000, by enabling the credit provider to register their security on the PPSR. For any other creditor, you can search the credit applicant to see what security has been registered against them, thus enabling better credit decisions.
As is becoming clear, the ramifications for credit providers and credit users are significant.
For more information contact us or visit http://www.ppsr.gov.au
, Process Serving