From 30 January 2012 the Personal Property Securities Register will commence. The register is an electronic notice board that will be managed by the Insolvency and Trustee Service Australia. It will be a comprehensive new commercial regime, a single national online register of security interests in personal property. It is the result of a substantial overhaul of the existing laws relating to personal property and will replace and migrate numerous existing Commonwealth, State and Territory registers such as the Victorian Vehicle Securities Register.
Credit providers, hirers and lessors of personal property will not only be required to enter into new written security agreements which use the new terminology to protect their rights and entitlements but also correctly record the arrangement on the register. Further those purchasing personal property will need to search the register before completing the transaction to ensure what they a buying is free of any registered security interest. Failure to do so may result in the loss of the personal property.
Every business that supplies goods or credit or purchases goods will need to consider the impact of the register to ensure that they protect their ownership and priority over competing interests in the same personal property.
If you would like further information please contact Andrew Pickles.
